Côte d'Ivoire: Bridge Bank IPO Shares Begin Trading on BRVM

Bridge Bank Group Côte d'Ivoire will begin trading on the BRVM on September 24 after its public share sale attracted CFAF 95.8 billion of orders for CFAF 67.5 billion of stock. The shares will trade under the ticker BBGC with a reference price of CFAF 6,750. The offering covered 10 million existing shares , equal to 20% of the bank's capital. Demand reached 142% of the amount available, creating CFAF 28.3 billion of excess subscriptions. The offer opened on July 20 and closed the following day instead of August 6. About 17,544 investors participated, with individuals accounting for 58% of subscriptions. The listing will give Bridge Bank an implied market value of CFAF 337.5 billion at the reference price. Its first trading price will be determined by matching buy and sell orders. Bridge Group West Africa, part of Teyliom Group, will retain 57% after the transaction, while Côte d'Ivoire's CNPS will keep 20%. Public investors will own 20% and other shareholders 3%. Bridge Bank will become the 16th bank and 48th company listed on the regional exchange. Founded in 2006, the lender operates in Côte d'Ivoire and Senegal and plans to establish operations in Guinea and Burkina Faso as part of its regional expansion. Keep up with the latest headlines on WhatsApp | LinkedIn The transaction was a sale of existing shares rather than an issue of new equity, meaning it does not inject new capital into the bank. The stated objectives include widening the shareholder base, increasing institutional ownership and giving Bridge Bank more visibility and access to regional capital markets. Bridge Bank's listing adds another banking stock to a BRVM market where financial companies already account for a large part of trading and market value. The 142% subscription rate shows demand for the offer, but the first trading sessions will provide a clearer test of what investors think the bank is worth beyond the CFAF 6,750 IPO price. At that price, Bridge Bank is valued at about CFAF 337.5 billion. The 20% free float also gives the market about CFAF 67.5 billion of shares that can change hands, though actual liquidity will depend on how much investors trade after listing. Another point is where the money goes. Because the transaction involved 10 million existing shares sold by Bridge Group West Africa, the CFAF 67.5 billion does not represent fresh capital raised by Bridge Bank itself. The benefit to the bank is instead a broader shareholder base, a public market valuation and easier access to capital markets for future financing. That could matter as it expands beyond Côte d'Ivoire and Senegal. The listing also gives the BRVM another test of whether recent gains in market capitalization are being matched by more listings, more investors and deeper trading across the exchange. Get the latest in African news delivered straight to your inbox By submitting above, you agree to our privacy policy . We need to confirm your email address. To complete the process, please follow the instructions in the email we just sent you. There was a problem processing your submission. Please try again later. Read the original article on Daba Finance . AllAfrica publishes around 600 reports a day from more than 90 news organizations and over 500 other institutions and individuals , representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica . To address comments or complaints, please Contact us . AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 600 news and information items daily from over 90 African news organizations and our own reporters to an African a