Citi Business News has gathered that the Agricultural Development Bank’s Initial Public Offer (IPO) has been highly subscribed.
[contextly_sidebar id=”QACV59Gw03fyQhOd7hPK2sQPJp5UJ7Q4″]According to sources close to the bank, expectations to allow more retail purchase of its shares have also been met.
ADB launched its IPO in December last year expecting to raise about 390 million cedis.
The Securities and Exchange Commission, (SEC), subsequently approved an additional 100 million cedis following the decision by the bank to extend the deadline from February 26, to Thursday, March 24.
Although Head of research at UMB stock brokers, Nana Agyemang Gyamfi had hinted of low patronage, the bank refuted such claims when it extended the deadline.
It rather attributed the extension to its quest to allow more retail purchase.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana