ABIDJAN, Dec 12 – Ecobank Cote d‘Ivoire IPO-ECO.CI, the Ivorian subsidiary of Togo-based pan-African lender Ecobank was listed on the West Africa bourse in Abidjan on Tuesday after an initial public offering late in September.
The IPO priced the bank’s shares at 20,000 CFA francs ($34.78) each, and by the end of its first day of trading they had rallied 7.5 percent to 21,500 CFA francs.
The IPO, which was not widely publicised, took place from September 27-28, with 2,250,000 shares sold, valuing the bank at about 45 billion CFA.
Ecobank has operations in nearly 40 African countries, many of which have suffered slowing growth thanks to a slide in commodity prices, but Ivory Coast’s diversified, less mineral-dependent economy has powered ahead.
Ecobank generates about 40 percent of its business in recession-hit Nigeria, but Ivory Coast, Francophone West Africa’s economic hub and the world’s leading cocoa producer, is also a significant contributor. ($1 = 575.0000 CFA francs)