Access bank will officially list on the Ghana Stock Exchange (GSE) after successfully raising the minimum subscription needed to declare its Initial Public Offer (IPO) successful in order to list.
The listing which will take place next week Wednesday, will see Access bank becoming the first Nigerian bank to list on the GSE.
The bank whose parent company is headquartered in Nigeria, was seeking to raise 104 million cedis, but succeeded in raising only 29.62 million cedis, which is slightly higher than the minimum 21 million cedis required by regulators to enable it get the green light to list on the GSE.
26 million shares were issued at 4 cedis per share, with a total of 1,820 applications subscribing about 7.4 million shares.
Citi Business News has gathered the bank has received firm commitments from other investors to cover shares that were not issued under the terms of offer.
Over 60 million cedis are expected from those investors which will lead to total figure of about 96 million cedis.
Ninety percent of the subscribers are believed to be individuals with one of the subscribers a local pension fund manager.
The ownership pie of the company following the IPO will now be about 75 percent share of the bank belonging to the parent company of Access Bank Ghana that is Access bank PLC, 10 percent now owned by a Ghanaian pension fund while the remaining 15 percent belongs to a number of institutions and individuals.
Access bank Ghana whose current capital base is around 430 million cedis, is seeking to use proceeds from the IPO to increase this figure while the remaining cash will be used to expand the bank’s presence and visibility in Ghana by building an additional 76 branches with 2-3 years.
The bank’s IT infrastructure as well as customer base are also expected to be expanded with the proceeds.