African Export-Import Bank plans to launch an IPO on the London Stock Exchange through the listing of global depositary receipts representing class D ordinary shares.
Once the receipts, known as GDRs, are admitted to the standard listing segment on LSE's main market, the Egypt-based multilateral lender will allow the exchangeability of the GDRs trading in London and the GDRs currently trading in Mauritius, effectively increasing its free float.
The bank, which focuses on intra- and extra-African trade, reported a first-half profit of $137.6 million, up from the year-ago $75.1 million. Its total assets amounted to $13.42 billion at 2018-end.
J.P. Morgan Securities PLC, through J.P. Morgan Cazenove, and HSBC Bank PLC serve as joint global coordinators and joint book runners on the planned offering, with Exotix Partners LLP tapped as co-lead manager if the IPO pushes through. Afreximbank Advisory & Capital Market Department also serves as financial adviser.
