Ivory Coast's NSIA Banque IPO-NSIA.CI will launch an initial public offering (IPO) of stock on Monday ahead of a planned listing on West Africa's regional BRVM bourse in the first week of September, company officials said on Tuesday.
The bank, formerly called BIAO-CI, is part of the NSIA financial group, which owns another bank in Guinea and is a leading insurance provider in 12 countries across West and Central Africa.
Stock worth 34.53 billion CFA francs ($58.77 million) will be sold at 9,000 CFA francs per share to private investors and at 6,750 CFA francs per share to bank employees from July 3 to 13, with a possible early closure of the IPO. Some 4,011,500 shares will be sold.
Jean Kacou Diagou, chairman of NSIA Group, told reporters at a news conference in Abidjan that the bank was looking to expand.
"We want to buy banks in other African countries to sell financial products," he said.
NSIA Banque recorded a net profit of 17.12 billion CFA francs last year, up from 14.29 billion CFA francs in 2015, its managing director Philippe Attobra said.
