October 19, 2018: Pan-African banking group Oragroup, one of ECP’s portfolio companies, announces its plan to raise 56.92 billion CFA francs ($101 million) via the largest ever initial public offering (IPO) on the Abidjan Stock Exchange (BRVM). 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.
Oragroup Chief Executive Binta Touré Ndoye said: “This capital increase will enable us to consolidate the group’s growth and support its development, including by making investments in digital banking, seizing growth opportunities in Central African countries, raising the group’s profile among the financial community and the general public and strengthen the equity of some subsidiaries.”
See links to articles from Reuters, Bloomberg, Jeune Afrique, and La Tribune Afrique.
