First Atlantic Bank IPO Oversubscribed

Odun Odunfa (3rdL) Dr. Johnson Asiama (3^rd R) and officials of the Bank

 

First Atlantic Bank has successfully completed its Initial Public Offering (IPO), which was oversubscribed, reflecting strong investor confidence in the bank’s financial stability and growth prospects.

The listing marks the first IPO on the Ghana Stock Exchange (GSE) since 2018 and is expected to contribute to strengthening Ghana’s capital market while broadening ownership of the bank.

According to the GSE, at the listing last Friday, First Atlantic Bank’s shares were priced at GH¢7.30 per share. More than 2,000 shares were traded, with the price rising to GH¢7.70. Although trading is still ongoing, the share price had already gained about 14 per cent in early trading.

Speaking at a celebratory lunch after the listing, the Managing Director and Chief Executive of the bank, Odun Odunfa, said the IPO was critical to broadening the bank’s investor base, enhancing corporate governance and raising capital for future growth.

Mr. Odunfa explained that the IPO would play a crucial role in supporting the bank’s expansion plans, including investments in digital technology, regional growth across West Africa and human capital development.

“We are very ambitious about the future. Our focus is on digital transformation, regional expansion and investing in our people. These are the foundations for the bank’s future success, and this IPO will give us the capital to achieve these goals,” he said.

He added that the listing represents an important step towards strengthening the bank’s market position and enabling it to better serve its customers, employees and shareholders.

According to him, the move would not only enhance the bank’s visibility and profile in Ghana but also position it as a regional player capable of delivering greater value to stakeholders with the support of both institutional and individual Ghanaian investors.

The Managing Director of the Ghana Stock Exchange, Abena Amoah, described the listing as a significant milestone, noting that it is the first equity IPO since 2018. She noted that the entire listing process was completed within three months.

Ms Amoah said the oversubscription demonstrates the high level of investor confidence in the bank’s prospects and also reflects the strong performance of the GSE this year.

She encouraged other companies and banks to follow the example of First Atlantic Bank by listing on the exchange to raise capital, given growing investor interest in reputable brands.

The Governor of the Bank of Ghana, Dr. Johnson Asiama, who commended First Atlantic Bank, said the listing marks the beginning of a new phase for the institution, characterised by higher standards, broader ownership and deeper responsibility.

Dr. Asiama emphasised that, beyond their role in strengthening the financial system, listed banks are subject to continuous market scrutiny, which reinforces governance and accountability.

He said the Central Bank would continue to support the development of Ghana’s financial markets to enable banks to access equity capital and ultimately contribute to the country’s economic growth.

By Ebenezer K. Amponsah

 

 

 

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