BGFI Holding Corporation's (BHC) initial public offering (IPO) on the Central African Stock Exchange (BVMAC) concluded with 45.3 billion FCFA raised. This falls short of the initial target of 125 billion FCFA. The operation, which involved opening up 10% of the holding company's share capital, resulted in the creation of 1,573,536 new shares.
Despite the amount raised being less than expected, the operation was hailed as a historic success due to the strong participation of retail investors. The offering registered 7,601 subscribers, compared to 431 in previous similar operations. More than 71% of subscriptions were made by individuals. The allocation of shares was as follows: 58.68% to individuals and legal entities, 28.70% to qualified investors, and 12.62% to group employees.
The subscription price was set at 80,000 FCFA per share, comprising a nominal value of 10,000 FCFA and a premium of 70,000 FCFA. According to BGFIBourse, the lead arranger and bookrunner for the operation, this distinction is essential because it indicates that the total funds raised do not correspond to a simple operational financing need. A significant portion reflects the market's valuation of the group's strength, profitability, and regional positioning.
The operation attracted investors from various backgrounds, including CEMAC, WAEMU, Europe, America, and Asia. BGFI Holding Corporation thus becomes the first multinational listed on the BVMAC. The IPO is expected to triple the BVMAC's market capitalization, from 66 to 192 billion FCFA.
The operation was initially planned for July 2025 but was delayed due to a legal challenge by a group of minority shareholders. The Libreville Commercial Court dismissed the complaint in September 2025, allowing the IPO to proceed. The aim of the IPO was to strengthen BGFI Holding's equity for its 2026-2030 strategic plan.
The strong participation of retail investors is seen as a cultural and financial turning point, democratizing shareholding in the region. BGFI Holding Corporation shares will be admitted to the official list of the BVMAC and managed by the Central Depository (DCU).
Despite raising less funds than initially anticipated, the operation is a success for the sub-regional banking group, marking a significant step in its development and contributing to the growth of the regional financial market.
