ADB fetches 326 million cedis from IPO

The Agricultural Development Bank (ADB) has raised about 326 million cedis in its Initial Public Offer (IPO).

The bank was expecting to raise about 380 million cedis from the offer.

A statement from ABD and copied exclusively to citibusinessnews.com indicated that, “the proceeds raised from the Offer was the sum of GHS325, 784,952.70 relative to the expected proceeds of GHS 383,713,995.10.”

This also represents about 85 percent subscription level.

“The ADB IPO is one of the largest IPOs ever undertaken on the Ghana Stock Exchange and demonstrates the continued development of the Ghanaian public markets,” the statement added.

Citi Business News also understands that a total of 405 applications were made for shares in the IPO with majority of the applications, by number (400), being made by Ghanaian retail investors.

ADB plans to commence trading on the bourse on Monday, 12th December 2016.

Also, all successful qualifying applicants received the number of shares they applied for, with the exception of two retail applicants who will receive refunds totaling GHS 205,878.50. Refunds to these two retail applicants will commence no later than 12^th December 2016.

All successful applicants with Central Securities Depository (“CSD”) accounts will have their CDS accounts credited with their allotment by 5:00pm 09 December, 2016.

In addition, successful applicants without a CSD account will be mailed a Letter of Allotment from 12 December, 2016 which they can present to any Licensed Dealing Member of the Ghana Stock Exchange to dematerialize onto the CSD.

IC Securities (Ghana) Limited acted as Sole Financial Advisor and Lead Sponsoring Broker in respect of the ADB IPO.

NTHC Securities acted as co-sponsoring broker in respect of the ADB IPO.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana