Bridge Bank IPO: Everything You Should Know Before Buying

Bridge Bank Group Côte d’Ivoire is preparing to join the BRVM through a 67.5 billion FCFA ($118M) public offering. Here is what investors should know about it and how to participate through Daba.

A new banking stock is coming to the West African regional stock exchange—and investors have a limited window to secure shares before trading begins.

Bridge Bank Group Côte d’Ivoire is offering 10 million shares to the public for 6,750 FCFA per share. The transaction is worth 67.5 billion FCFA and will make 20% of the bank’s capital available to public investors.

The subscription period is scheduled to run from July 20 to August 6, 2026, although the offer may close early if demand is strong. Following the transaction, Bridge Bank’s shares are expected to be listed on the Bourse Régionale des Valeurs Mobilières, or BRVM.

For investors, the IPO provides an opportunity to buy into an established and profitable West African bank before its first day of public trading.

But a large IPO is not automatically a good investment.

Before subscribing, investors need to understand what Bridge Bank does, how quickly it is growing, what the 6,750 FCFA offer price represents, how dividends may work and which risks could affect future returns.

Here is a complete breakdown.

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Bridge Bank IPO at a glance

IPO detail	Information
Company	Bridge Bank Group Côte d’Ivoire
Offer type	Public sale of existing shares
Shares offered	10,000,000
Percentage of the company offered	20%
Price per share	6,750 FCFA
Total value of the offer	67.5 billion FCFA
Subscription period	July 20–August 6, 2026
Dividend entitlement date	January 1, 2026
Total shares after the offer	50,000,000
Implied company valuation	337.5 billion FCFA
Stock exchange	BRVM
ISIN	CI0000010609
Availability	Eligible Daba users

The shares being offered are ordinary shares carrying the same economic and voting rights as the bank’s other ordinary shares. They will be held electronically in investors’ securities accounts.

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What is Bridge Bank Group Côte d’Ivoire?

Bridge Bank Group Côte d’Ivoire, commonly called Bridge Bank or BBG CI, was founded in 2006 by the Teyliom Group through its financial holding company, Bridge Group West Africa.

The bank serves a mix of:

• Large companies
• Small and medium-sized enterprises
• Public institutions
• Financial institutions
• Individual customers

It operates as a universal bank, offering products and services that include corporate banking, SME financing, deposits, loans, cards, digital banking and other financial solutions.

By the end of 2025, Bridge Bank had:

• Approximately 27,000 customers
• More than 380 employees
• A network of 16 branches, with a 17th expected in 2026
• Operations in Côte d’Ivoire and a growing banking presence in Senegal

The bank has built a particularly strong position in corporate and SME banking. Small and medium-sized enterprises account for approximately 25% of its loan portfolio, according to the IPO prospectus.

Bridge Bank has also received several industry awards. It was named Côte d’Ivoire’s Best Bank by Global Finance in 2021, 2022 and 2023, Best Corporate Bank by Euromoney in 2023, and Côte d’Ivoire’s Best Bank by The Banker in 2024 and 2025.

Awards do not guarantee future investment returns, but they provide additional context around the bank’s market position, customer service and operating model.

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What exactly is being offered?

Bridge Group West Africa currently owns the majority of Bridge Bank.

As part of the IPO, the parent company is selling 10 million of its existing Bridge Bank shares, representing 20% of the bank’s share capital and voting rights.

This is an important distinction.

The IPO is an offer for sale, rather than an issue of newly created shares. That means investors are purchasing shares from an existing shareholder.

The 67.5 billion FCFA raised from the sale will therefore go to Bridge Group West Africa, the selling shareholder, rather than directly into Bridge Bank’s balance sheet.

The parent company nevertheless plans to use part of the proceeds to support its wider financial-services expansion. This includes a proposed 20 billion FCFA capital injection into the future Senegalese banking subsidiary following the restructuring of Bridge Bank’s Senegal branch.

For Bridge Bank itself, the principal objectives of the listing include:

• Diversifying its shareholder base
• Increasing its visibility
• Strengthening transparency
• Improving access to regional capital markets
• Supporting the institutionalisation of its ownership
• Creating a publicly traded market value for its shares

After the transaction, Bridge Bank will still have a total of 50 million shares outstanding.

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How much does one Bridge Bank share cost?

Each Bridge Bank share is being offered at a fixed price of:

6,750 FCFA

Unlike some IPOs, the price does not vary according to the type of investor. The same offer price applies across investor categories.

At 6,750 FCFA per share, an investor would need:

Number of shares	Investment required
1	6,750 FCFA
10	67,500 FCFA
50	337,500 FCFA
100	675,000 FCFA
500	3,375,000 FCFA
1,000	6,750,000 FCFA

The actual number of shares received may be lower than the number requested if the IPO is oversubscribed.

For example, an investor could request 100 shares but receive fewer if total demand exceeds the 10 million shares available.

Any unused balance resulting from a reduced allocation should be returned to the investor in accordance with the offer procedures.

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What valuation does the IPO price imply?

Bridge Bank has 50 million shares in total.

At an offer price of 6,750 FCFA per share, the IPO implies a total equity valuation of:

337.5 billion FCFA

This is the market value investors are effectively assigning to the entire bank at the offer price.

Using Bridge Bank’s 2025 financial results, that valuation represents approximately:

• 12.4 times annual net profit
• 3.2 times shareholders’ equity
• An earnings yield of about 8.1%

These are simplified valuation measures rather than predictions of future returns.

The price-to-earnings ratio compares the bank’s implied value with its profits. The price-to-book ratio compares it with the accounting value of shareholders’ equity.

A relatively high price-to-book ratio can sometimes be justified when a bank generates exceptional returns on equity and strong profit growth. Bridge Bank reported return on equity of close to 28% in 2025, which is one of the central arguments supporting the valuation.

However, paying a premium also means investors are expecting the bank to continue growing and producing high returns. If profits slow materially, asset quality deteriorates or dividends fall below expectations, the valuation could come under pressure after listing.

We examine the valuation in greater detail in our separate analysis of whether Bridge Bank’s IPO price is attractive.

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How has Bridge Bank performed financially?

Bridge Bank enters the IPO after several years of strong growth.

Net banking income

Net banking income, which is broadly comparable to revenue for a bank, increased from approximately 35.6 billion FCFA in 2021 to 67.8 billion FCFA in 2025.

That represents average annual growth of around 17.5% over the period.

Gross operating income

Gross operating income increased to 39.4 billion FCFA in 2025, after growing at an average annual rate of approximately 17.7% between 2021 and 2025.

This indicates that the bank has been able to grow its income while maintaining control over operating expenses.

Net profit

Bridge Bank’s net profit reached approximately 27.2 billion FCFA in 2025, compared with roughly 15 billion FCFA in 2021.

Net income therefore grew at an average annual rate of about 15.8% over the five years.

Total assets

The bank’s balance sheet expanded significantly.

Total assets rose from around 710 billion FCFA in 2021 to approximately 1.427 trillion FCFA in 2025, representing average annual growth of about 19.1%.

Shareholders’ equity

Bridge Bank’s equity increased from roughly 53 billion FCFA in 2021 to approximately 105 billion FCFA in 2025.

That represents average annual growth of about 18.5%.

Profitability

Bridge Bank reported return on equity of approximately 27.9% in 2025, while its average return on equity between 2021 and 2025 was around 28.7%.

This means the bank generated close to 28 FCFA in annual profit for every 100 FCFA of average shareholder capital.

Return on assets remained above 2% during the period, reaching approximately 2.1% in 2025.

These are strong profitability levels for a banking institution and form a major part of the investment case.

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Why has Bridge Bank grown so quickly?

Several factors have supported Bridge Bank’s expansion.

1. A strong corporate and SME franchise

Bridge Bank has developed expertise in financing local companies and small and medium-sized enterprises.

This segment can offer attractive growth opportunities because many West African businesses remain underserved by traditional financial institutions. It can also produce higher yields than some forms of large corporate lending.

However, SME financing can carry greater credit risk, particularly during periods of economic weakness.

2. Expanding deposits and lending

The bank has steadily expanded both its customer deposits and loan portfolio.

Growing deposits provide the funding required to support additional lending. When managed effectively, the difference between the return earned on loans and the cost paid on deposits contributes to net banking income.

3. Digital investment

Bridge Bank has invested in online and mobile banking, payment cards and a new core banking system deployed in 2025.

Its digital offering includes web and mobile banking alongside Classic, Gold, Signature and Infinite payment cards.

A stronger digital platform could help the bank serve more customers without increasing its physical branch network at the same rate.

4. Regional expansion

The bank launched its Senegal operation in January 2022.

Although the Senegal business remains relatively small, it has grown quickly. Between 2022 and 2025:

• Net banking income grew at an average annual rate of approximately 47%.
• Net profit grew at an average annual rate of approximately 94%.
• Loans grew at an average annual rate of about 32%.
• Deposits grew at an average annual rate of about 40%.
• Total assets grew at an average annual rate of about 37%.

The Senegal operation accounted for only around 3% of group net income on average, but management views it as a potential future growth driver.

Bridge Group West Africa plans to convert the Senegal branch into a separate banking subsidiary. Following the restructuring, Bridge Bank Côte d’Ivoire is expected to become a minority shareholder in the new entity.

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What could make the IPO attractive?

The Bridge Bank investment case rests on several potential strengths.

Strong historical earnings growth

Net profit grew at an average annual rate of nearly 16% between 2021 and 2025.

If Bridge Bank can sustain even part of that growth after listing, earnings per share and future dividends could increase.

High return on equity

A return on equity close to 28% suggests that Bridge Bank has used shareholder capital productively.

High returns on equity are particularly valuable when they are supported by sustainable earnings, disciplined risk management and adequate capital.

Exposure to Côte d’Ivoire’s economy

Bridge Bank gives investors exposure to one of West Africa’s largest and fastest-growing economies.

As companies expand, households open more bank accounts and digital financial activity increases, banks may benefit from greater demand for loans, payments, savings and other financial services.

Potential dividend income

Bridge Bank has historically returned a meaningful portion of its earnings to shareholders.

The prospectus states that the bank has distributed an average of approximately 50% of net income since 2022. It also indicates that the payout for the 2025 financial year could reach 65%, subject to regulatory requirements and the necessary corporate approvals.

A new option for BRVM investors

Financial companies are already an important part of the BRVM, but Bridge Bank would add another profitable banking institution to the market.

This may appeal to investors seeking to diversify beyond telecommunications, industrial, agricultural and consumer stocks.

Greater transparency after listing

As a listed company, Bridge Bank will be expected to publish regular financial results and provide information to shareholders.

That additional transparency may help investors evaluate the company more consistently over time.

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Will IPO investors receive dividends?

The shares carry a January 1, 2026 dividend entitlement date.

This means investors allocated shares in the IPO will be entitled to dividends relating to the 2026 financial year, provided a dividend is declared and approved.

They should not assume they will receive a dividend immediately after subscribing.

A dividend for the 2026 financial year would generally only be considered after the year has ended, the accounts have been prepared and shareholders have approved the proposed distribution.

What might the dividend yield look like?

Bridge Bank earned approximately 27.2 billion FCFA in 2025.

With 50 million shares outstanding, that is equivalent to earnings per share of approximately:

544 FCFA

The table below shows what different payout ratios could mean if the bank earned the same amount again:

Illustrative payout ratio	Illustrative dividend per share	Yield at 6,750 FCFA
40%	218 FCFA	3.2%
50%	272 FCFA	4.0%
60%	326 FCFA	4.8%
65%	354 FCFA	5.2%

These figures are illustrations only.

They are not forecasts or guaranteed distributions. Bridge Bank’s actual dividend will depend on:

• Its future profitability
• Regulatory capital requirements
• The quality of its loan portfolio
• Its investment and expansion needs
• Board recommendations
• Shareholder approval
• Banking regulations

Investors should therefore avoid treating a potential 65% payout as a guaranteed annual policy.

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How is the IPO allocation likely to work?

Investors can submit subscription requests during the placement period.

However, submitting an order does not guarantee that the investor will receive the full number of shares requested.

If total subscriptions are below or equal to the 10 million shares available, investors may receive the full amount requested, subject to the offer rules.

If demand exceeds the shares available, the IPO will be oversubscribed and an allocation process will be used.

This could result in investors receiving only a portion of their requested shares.

Funds covering subscription requests will remain blocked until the final allocation has been completed. Where an investor receives fewer shares than requested, the balance should be returned without fees within the period specified in the prospectus.

Because the offer can close early, investors interested in participating should not necessarily wait until August 6 to submit their requests.

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When will Bridge Bank begin trading?

The IPO will be followed by Bridge Bank’s admission to the BRVM.

Investors should distinguish between:

1. The subscription period, when they request shares at the IPO price; and
2. The first trading day, when the shares begin changing hands on the BRVM.

Once public trading begins, the market price may rise above or fall below the IPO price of 6,750 FCFA.

A strong first day is not guaranteed.

The post-listing price will depend on factors including:

• Investor demand
• The number of shares available for trading
• The company’s future financial results
• Dividend expectations
• Broader BRVM market conditions
• Interest rates
• Economic conditions
• Overall investor confidence

Investors should therefore consider the company’s long-term prospects rather than subscribing solely in anticipation of an immediate first-day gain.

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What are the main risks?

Every investment carries risk, and IPOs require particular care because the stock has no previous public trading history.

1. Credit risk

Banks lend money with the expectation that customers will repay.

If borrowers default, Bridge Bank may need to recognise provisions or losses. This could reduce profits, capital and dividends.

At the end of 2025, Bridge Bank reported a net impaired-loan ratio of approximately 3.8%. Its average between 2021 and 2025 was 2.9%, compared with 3.7% for the wider UEMOA banking sector, according to the prospectus.

The historical comparison is positive, but asset quality can change as the loan book expands.

2. Valuation risk

At 6,750 FCFA per share, Bridge Bank is being valued at approximately 12.4 times 2025 earnings and 3.2 times book value.

This reflects expectations of continued profitability and growth.

If the bank’s results fail to meet those expectations, investors may be unwilling to continue paying the same valuation premium.

3. Liquidity risk

After listing, there may not always be enough buyers and sellers in the market.

An investor wishing to sell a large position may not be able to do so immediately at the desired price.

Limited trading activity can also lead to larger price movements when orders are placed.

4. Dividend risk

Past dividends do not guarantee future dividends.

Banks must maintain regulatory capital, and regulators may restrict distributions if they believe a bank needs to preserve capital.

Bridge Bank may also choose to retain more earnings to finance growth.

5. Economic risk

Bridge Bank’s performance is closely connected to economic activity in Côte d’Ivoire and the broader UEMOA region.

A slowdown could affect:

• Loan demand
• Customer repayments
• Business investment
• Deposit growth
• Asset quality

6. Interest-rate and funding risk

Banks earn much of their income from the difference between interest received and interest paid.

Changes in interest rates or funding costs can reduce that margin, particularly if deposit costs increase faster than loan yields.

7. Concentration risk

Bridge Bank has a strong focus on businesses and SMEs.

That focus has supported growth, but it can also increase exposure to company-specific, sector-specific and economic risks.

8. Related-party exposure

At the end of 2025, loans to shareholders, directors, executives and other related persons covered by applicable banking rules totalled approximately 18.879 billion FCFA.

This represented around 19.06% of effective equity, compared with the regulatory limit of 20%.

The exposure remained within the applicable ceiling, but its proximity to the limit is a factor investors may wish to monitor.

9. IPO proceeds do not go directly to the bank

Because the offer involves existing shares, Bridge Bank itself will not directly receive the 67.5 billion FCFA raised.

Investors should therefore not interpret the IPO proceeds as an immediate capital increase for the bank.

10. Forecast risk

The prospectus includes financial projections and strategic targets for the period through 2030.

These are based on assumptions and should not be treated as guaranteed outcomes.

Actual performance may differ because of economic conditions, competition, regulation, credit losses or execution challenges.

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Who may find the Bridge Bank IPO suitable?

The IPO may appeal to investors who:

• Want long-term exposure to West African banking
• Believe Bridge Bank can continue growing its earnings
• Are comfortable with the risks of an individual stock
• Are seeking potential dividend income
• Can hold the investment beyond the first few trading weeks
• Already have, or want to build, a diversified BRVM portfolio

It may be less suitable for investors who:

• Need guaranteed returns
• May need to withdraw their money quickly
• Cannot tolerate short-term price declines
• Are investing emergency savings
• Are relying solely on an immediate post-IPO price increase
• Would be overly concentrated in a single company or sector

Investors should assess the IPO within the context of their income, financial goals, investment horizon and tolerance for loss.

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How can investors participate through Daba?

The Bridge Bank IPO will be available to eligible Daba users during the subscription period.

To prepare:

1. Create or access your Daba account

Download or open the Daba app and sign in to your account.

2. Complete identity verification

Investors must complete the required account and identity-verification process before they can invest.

Completing this early can help avoid delays close to the IPO deadline.

3. Fund your account

Deposit enough money to cover the number of shares you intend to request.

Remember that each share costs 6,750 FCFA.

4. Open the Bridge Bank IPO offer

Once the offer is live, eligible users will be able to view the IPO details through Daba.

Review the information carefully before placing an order.

5. Enter your subscription request

Select the number of shares you want to request and confirm your subscription.

The amount required will depend on the number of shares selected.

6. Wait for the final allocation

Your order represents a request for shares.

If the offer is oversubscribed, you may receive fewer shares than requested. Any applicable unused balance will be returned after the final allocation process.

7. Track the investment through Daba

Once shares have been allocated and admitted to trading, investors will be able to monitor their holdings through their Daba portfolio.

Detailed eligibility, funding, order and allocation conditions will be presented to users as part of the IPO process.

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Is the Bridge Bank IPO worth considering?

Bridge Bank is approaching the public market with several attractive qualities:

• Strong historical earnings growth
• High return on equity
• A balance sheet exceeding 1.4 trillion FCFA
• An established corporate and SME franchise
• A record of dividend distributions
• Digital-banking investments
• Exposure to economic growth in Côte d’Ivoire
• A developing regional growth story

The main question is not whether Bridge Bank is a profitable institution. Its recent financial performance shows that it is.

The more difficult question is whether the future growth and income potential justify paying 6,750 FCFA per share.

At the offer price, investors are paying a premium to the bank’s book value and placing confidence in its ability to preserve high profitability.

That could prove rewarding if Bridge Bank continues expanding earnings, controls credit risk and distributes dividends consistently.

It could prove less attractive if growth slows, provisions increase, the shares trade infrequently or the valuation falls after listing.

The IPO is therefore best assessed as a long-term ownership opportunity—not simply as a chance to make a quick gain on the first trading day.

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Final takeaway

Bridge Bank’s IPO represents one of the BRVM’s most significant new listings in recent years.

The offer allows investors to own part of a bank that reported 27.2 billion FCFA in 2025 net profit, 105 billion FCFA in equity and more than 1.4 trillion FCFA in total assets.

The financial record is compelling. The bank’s growth, profitability and dividend history make the IPO worthy of serious attention.

But investors should also recognise the price being paid for those qualities.

At 6,750 FCFA per share, Bridge Bank is entering the market with considerable expectations already built into its valuation. Future returns will depend on whether it can continue delivering the earnings growth, asset quality and capital efficiency that supported its expansion before listing.

The Bridge Bank IPO will be available to eligible Daba users from July 20 to August 6, 2026, subject to possible early closure.

Investors interested in participating should complete their Daba account verification and funding arrangements before the offer opens.

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Invest in the Bridge Bank IPO with Daba

Get ready to participate in one of the BRVM’s biggest new listings. Complete your account verification, fund your wallet and access the Bridge Bank offer directly through Daba.

Download/Open the Daba app