The Agricultural Development Bank (ADB) has managed to get GH¢326 million from its initial public offering which ended this week, which represents about 85 percent subscription level according to the bank.

The amount raised was slightly below the GH¢383 million cedis targeted.

According to the Bank, it got about 405 applications, five of which came from institutional investors with the remainder coming from retail investors.

This represents 122 million shares, which ADB says the majority of the applications came from Ghanaian investors.

The bank in the statement issued to investors added that, with the exception of two retail investors who will receive refunds of GH¢205,000, all qualifying applicants had what they wanted.

ADB had an offer of 144 million shares during offer at a price GH¢2.56 per share during the Initial Public Offering.

The Bank says this is the one of the biggest IPO ever undertaken on the Ghana Stock Exchange (GSE) and demonstrated its continued development of the Ghanaian Public Markets.

ADB had indicated that they are planning to use the funds raised to support the growth of the bank.