Initial public offerings (IPOs) have been a key driver of the rise in capitalisation on the Bourse Ré gionale des Valeurs Mobilières (BRVM) equity market recently. The exchange had a standout year in 2016, with four firms coming to market for the first time, raising a combined CFA86bn (€129m) in capital. Together the companies were valued at CFA470bn (€705m) at the time of flotation. One was in agro-industry and the other three were in the financial sector: Bank of Africa Mali, Société Ivoirienne de Banque and Coris Bank International Burkina Faso.

These were followed by two banking IPOs in 2017, with the launch of NSIA Banque and the flotation by Ecobank of its Ivorian subsidiary.

Bank Of Africa Mali

On May 31, 2016 Bank of Africa’s Malian subsidiary was listed on the exchange for the first time, six months after 400,000 shares were offered for sale. It became the first Malian firm quoted, and the fifth of Bank of Africa’s subsidiaries.

The flotation raised CFA8.8bn (€13.2m), with the initial price valuing the company at CFA49.8bn (€74.7m). The primary motivation for the IPO cited by management was to fund the bank’s future development, ensure it can meet the new capital requirements and macro-prudential ratios implied by sector regulation reforms, and raise its visibility. SOCIÉTÉ IVOIRIENNE DE BANQUE: First privatised in 2009, when Morocco’s Attijariwafa Bank acquired a majority stake, in June 2015 the government divested itself of its remaining 39% stake in Société Ivoirienne de Banque. Attijariwafa acquired a further 24%, bringing its shareholding to 75%, and 15% was floated on the BRVM, with 3% allocated to the bank’s staff and 12% offered to the public. Société Ivoirienne de Banque entered the exchange on 27 October 2016, with CFA26.1bn (€39.2m) raised in capital at a price sufficient to value the bank at CFA150.5bn (€225.8m). Amid strong demand, the share price had risen by 70% by the end of the year.

Coris Bank International Burkina Faso

undefined The biggest regional IPO of 2016 was the December 23 flotation of Coris Bank’s subsidiary based in Burkina Faso. Raising CFA36.8bn (€55.2m) in capital, the deal valued the bank at CFA201.6bn (€302.4m) at the time of launch. Strong demand saw the shares surge by 65% during its first five weeks of trading, increasing from CFA30,000 (€45) at launch to reach CFA49,500 (€74) by January 31, 2017.


The only non-financial firm to come to the market in 2016-17, Sucrivoire manufactures and distributes sugar cane and derivative products. It is a subsidiary of the Ivorian SIFCA Group. On December 29, 2016 Sucrivoire became the 43rd company listed on the BRVM. The IPO raised CFA14.7bn (€22.1m) in capital with the issue of 4.9m shares, and saw the firm valued at CFA68.5bn (€102.8m).

Nsia Banque

July 3, 2017 saw the flotation of NSIA Banque, which was formerly known as BIAO, as the government decided to divest itself of its 10% shareholding, while the bank looked to significantly increase its capital. The sale of 4m shares had been foreseen from July 3-13, but all were sold on the first day of trading. In total the IPO raised CFA34.6bn (€51.9m), of which 21% went to the state and the other 79% represented an increase in the bank’s capital. Shares were offered to the public at CFA9000 (€13.50), with a discounted price of CFA6750 (€10.10) on offer to the bank’s staff.

Ecobank Ci

The second IPO of 2017 took place in September, with Ecobank’s Ivorian subsidiary aiming to finance its five-year expansion plan, and reinforce its balance sheet in light of new and imminent regulatory requirements (see Banking chapter).

Opened on September 27, the IPO was completed in one day. Originally scheduled to run until October 11, the offering was shortened due to the strength of demand. Almost CFA100bn (€150m) was raised, well in excess of the planned CFA45bn (€67.5m).