Benin's BIIC Bank to Make Trading Debut on BRVM April 28
TLDR
- Banque Internationale pour l'Industrie et le Commerce du Bénin (BIIC) will debut on the main compartment of the BRVM on Monday, April 28
- BIIC completed a public offering that distributed 19,133,345 shares to investors between January 13 and February 28, 2025
- The listing follows the partial divestment of the Beninese government's stake, approved by BIIC's Board of Directors on October 15, 2024
West Africa regional stock exchange (BRVM) has announced that Banque Internationale pour l'Industrie et le Commerce du Bénin (BIIC) will debut on the main compartment of the exchange on Monday, April 28, 2025.
BIIC, a public limited company registered in Cotonou, completed a public offering that distributed 19,133,345 shares to investors between January 13 and February 28, 2025, at 5,250 FCFA ($8.88) per share.
The listing follows the partial divestment of the Beninese government's stake, approved by BIIC's Board of Directors on October 15, 2024, shareholders on October 30, and formalized by Ministerial Decree 2024-1350 on November 13, 2024. For its first trading day, BIIC will use the ordinary procedure with a reference price set at 5,250 FCFA. The stock will trade under the symbol "BICB."
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Key Takeaways
The BIIC listing marks a significant addition to the BRVM, which serves eight West African countries in the UEMOA zone. The IPO aligns with Benin's objectives to promote public shareholding, develop the regional stock market, raise non-debt financing, and improve BIIC's governance. BIIC provides traditional banking services including deposits, credit operations, payment systems, and other commercial, industrial, agricultural and service activities as permitted under Benin's Banking Regulation Law. This listing represents the first major IPO on the BRVM in 2025, potentially boosting market liquidity as the exchange continues to attract new investors across the region.
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