October 19, 2018 / 1:15 PM / 24 days ago

African bank Oragroup to launch largest ever IPO on Abidjan bourse

ABIDJAN, Oct 19 (Reuters) - Panafrican banking group Oragroup plans to raise 56.92 billion CFA francs ($101 million) via the largest ever initial public offering (IPO) on the Abidjan Stock Exchange (BRVM), the company said on Friday.

The group, which operates in 12 countries in West and Central Africa, will list 20 percent of its equity by listing 6 million new and 7.8 million existing shares at a price of 4,100 CFA francs per share.

The capital increase will be used to fund growth, including by investing in digital, Chief Executive Binta Touré Ndoye said in an emailed statement.

The underwriting will take place from Oct. 29 to Nov. 16, while the final listing is scheduled for February 2019.

With a market capitalisation of 56.9 billion CFA francs, Oragroup will remain behind Sonatel, which has the biggest capitalisation on BRVM at 1.95 trillion CFA francs.

Pan-African investor Emerging Capital Partners will remain Oragroup’s majority shareholder with over 50 percent of shares. ($1 = 563.4500 CFA francs) (Reporting by Loucoumane Coulibaly, Editing by Juliette Jabkhiro and Kirsten Donovan)

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