Energy Commercial Bank launches IPO today

Energy Commercial Bank will today, Tuesday, 2 October 2018 launch its Initial Public Offer to raise GHS340 million in shares from the Ghanaian investing public.

The offer period, which is expected to last for 30 days, will be graced by several investors who have shown interest in acquiring shares in the bank.

The bank is floating millions of shares and the shares will subsequently be listed on the Ghana Stock Exchange where they will trade on the secondary market.

IC Securities is the Transaction Advisor and is expected to market the shares to many investors within the country.

Energy Commercial Bank presently operates 12 branches in Ghana – five in Accra, three in Kumasi, and the rest in Tema, Takoradi and Tamale.

It is expected to expand vigorously once it completes its recapitalisation.

The Bank of Ghana gave all banks up the end of 2018 to recapitalise to GHS400 million or get downgraded to a Savings and Loans status or have their licences completely revoked.