Access Bank Ghana Ltd., a unit of Access Bank Plc of Nigeria, will begin an initial public offering on Oct. 19 that it hopes will raise funds to expand the financial firm’s operations.
Access Bank will seek to raise a minimum of 104 million cedis ($26 million). It will price the shares at 4 cedis, and they’ll trade on the Ghana Stock Exchange after the IPO closes on Nov. 11, the bank said in a statement e-mailed by Stratcomm Africa Ltd.
“There is the need to grow capacity to take advantage of the opportunities that have emerged from running successful operations in Ghana so far,” Managing Director of Access Bank Ghana Dolapo Ogundimu said in the statement.
The IPO represents about a 19 percent stake of the Ghanaian unit, Jacob Aidoo, head of issuers at the Securities and Exchange Commission of Ghana said on Oct. 6.
African Alliance Securities and Chapel Hill Denham Securities are acting as lead managers and sponsoring brokers for the sale, according to the statement.