BRVM: Ecobank buys its IPO in one day
Opened on 27 September 2017, the Ecobank Ivory Coast IPO (Initial Public Offering) was completed in one day. Originally scheduled from September 27 to October 11, 2017, the operation was shortened under the strength of demand.Almost 100 billion FCFA francs have been raised, far in excess of the planned 45 billion FCFA. The success of this operation is due to the strong enthusiasm aroused both in Côte d’Ivoire and in other WAEMU countries. ”This demonstrates the bank’s reputation with institutional and individual investors, as well as with the general public,” says one member of the investment syndicate. In our opinion, the market makes a clear distinction between the Ivorian subsidiary and its parent company, Ecobank Transnational Incorporated (ETI), at half-mast in the different stock market (Abidjan, Lagos and Accra). The subscription dynamics would therefore be dictated by a readable development plan, “this strategy of growth and development”, as
it was said by
Roselyne Abé, Director of Sales and Distribution at EIC, at the press conference to launch the operation on Tuesday, 19 September 2017. The OPV will have to allow the bank to significantly increase its own funds, declared the Director-General of Ecobank Cote d’Ivoire, Charles Daboiko.
Context not to be neglected, the thirst for fresh paper that characterizes the market is there for something in this strong over-subscription. It remains to wait for the quotation to truly appreciate the stock market potential of Ecobank Côte d’Ivoire. Its quotation that logically follows that of NSIA Banque, in stand by for a few weeks, should, we bet, revive the enthusiasm of the stock marketers to bet on the future. Source: Financial Afrik