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Ghana's Agricultural Development Bank completes IPO

Ghana-based Agricultural Development Bank Ltd. completed its protracted IPO with investor take-up of 84.9% of the shares on offer, it said Dec. 9.

Investors subscribed for 122,937,718 shares at 2.65 Ghanaian cedis apiece, generating proceeds of 325.8 million cedis. Five institutional investors subscribed for 117,810,902 shares, with the remainder going to some 400 retail investors.

The offering also included a listing by introduction of 86,125,488 existing shares on the Ghana Stock Exchange.

The bank's managing director told a Ghanaian news outlet in late November that the lender hoped to raise 200 million cedis from the offer, with the remainder of the roughly 380 million cedis in expected proceeds going to the Bank of Ghana, which was selling down its stake in the bank.

Shares were slated to begin trading on the Ghana Stock Exchange on Dec. 12.

IC Securities (Ghana) Ltd. acted as sole financial adviser and lead sponsoring broker in respect of the IPO. NTHC Securities acted as co-sponsoring broker.

As of Dec. 9, US$1 was equivalent to 4.22 Ghanaian cedis.