The Agricultural Development Bank (ADB) has announced the commencement of its Initial Public Offer (IPO) of more than 80 million shares on the Ghana Stock Exchange.

The shares cost 2.65 each and a minimum of 100 shares can be purchased from selected outlets – including any ADB branches, according to a release from the bank Friday.

Find below the full release from ADB on the share offer.

The Agricultural Development Bank Limited (“ADB”) today announces the commencement of its Initial Public Offer (“IPO”) to enable ADB list on the Ghana Stock Exchange. 

The public share offer of ADB consists of:

1. a sale of 74,888,369 existing ordinary shares of no par value at GHS 2.65 per share;

2. an offer for subscription of 75,471,698 new ordinary shares of no par value at GHS 2.65 per share issued and fully paid; and

3. a listing by introduction of 80,563,155 existing ordinary shares (collectively “the ADB Shares”) on the Ghana Stock Exchange.

Shares can be bought at any ADB branch, any Standard Chartered Bank branch, IC Securities (Ghana) Limited or any Licensed Dealing Member of the Ghana Stock Exchange. Each application under the IPO must be for a minimum of 100 ADB Shares amounting to GHS 265.00 and in multiples of 10 ADB Shares thereafter.

The timetable for the IPO is as follows:

ï‚· Offer Open: 3rd July 2015   9:00am  ï‚· Offer Close:  21st August 2015   5:00pm 

Further details on the IPO are contained in the Offer Prospectus which can be obtained from any ADB branch, any Standard Chartered Bank branch, IC Securities (Ghana) Limited, any Licensed Dealing Member of the Ghana Stock Exchange or www.adbipo.com.

Before deciding whether to apply for the ADB Shares, you should consider whether the ADB Shares are a suitable investment for you. Their value can go down as well as up. Past performance is not necessarily indicative of future performance. If you need advice, you should consult a suitable professional advisor.   

ISSUED BY AGRICULTURAL DEVELOPMENT BANK LIMITED