Christiana Olaoye
Investor interest in the ongoing Initial Public Offer (IPO) of Energy Commercial Bank has soared, following road shows by the bank in Kumasi, Takoradi and Tamale.
During investor forums in various parts of the country recently, many retail and institutional investors expressed readiness to acquire shares in the bank following its consistent performance over the years.
Energy Commercial Bank has been registering consistent profits since its inception in February 2011, and is also ranked among the most liquid and stable banks in the country.
The investors were of the view that Energy Commercial Bank has a brighter future owing to its prudent operational and risk management practices, as well as efficient corporate governance practices.
They also declared that the bank’s quest to go public would enhance transparency and improve corporate governance practices, which are fundamentally critical to the efficient management of today’s business.
Energy Commercial Bank is floating 261 million new ordinary shares at GH¢1.30 per share.
The offer, which began on October 2, is expected to end on November 2, 2018, and the bank expects to raise GH¢340 million from the offer.
The shares of the bank can be purchased at any of the 12 Energy Commercial Bank branches across the country, 20 licensed dealing members of the Ghana Stock Exchange (GSE) and four receiving banks-UBA, Zenith, UMB and Ecobank Ghana.
IC Securities is the transaction adviser, and is expected to market the shares to many investors in 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.
The bank is expected to expand vigorously once it completes its recapitalization.