The State of Benin is launching a Public Offer for Sale (OPV) aimed at selling between 30.4% and 40% of the capital it holds in the International Bank for Industry and Commerce (BIIC) . This operation represents a volume of between 17,558,979 and 23,103,920 shares , with a sale price set at 5,250 FCFA per share . The state hopes to raise between 92.2 billion and 121.3 billion FCFA .
This IPO, the second in 2024 for the State of Benin, after that of the National Lottery of Benin , is part of a strategy of financial transparency and stimulation of the regional stock market. It aims to encourage increased involvement of the private sector in the shareholding of the BIIC while mobilizing financial resources without recourse to debt. These funds will be used to finance structuring projects that will contribute to national economic development and the improvement of the well-being of the populations.
BIIC, created in 2020 from the merger between Banque Internationale du Bénin (BIBE) and Banque Africaine pour l'Industrie et le Commerce (BAIC), is today a pillar of the Beninese banking sector. With exceptional growth in its net profit, rising from 5.7 billion FCFA in 2021 to 27.2 billion FCFA in 2023 , it illustrates its financial robustness and growth potential.
To orchestrate this IPO, the State of Benin called upon EDC Investment Corporation (EIC) , the Management and Intermediation Company (SGI) of the Ecobank group, as Arranger and Lead Manager of the placement syndicate. The latter includes several co-lead managers located in Benin, including BIIC Financial Services, Africabourse, Africaine de Gestion et d'Intermédiation, SGI Benin and United Capital for Africa. In total, 31 SGIs from the WAEMU zone are collaborating to ensure the success of this operation.
The subscription period runs from January 13, 2025 to February 28, 2025 , with the possibility of early closing in the event of strong demand. The Beninese Government invites investors, both individuals and institutions, to seize this unique opportunity to become co-owners of a rapidly expanding bank.
By participating in this IPO, subscribers will play an active role in consolidating the BIIC and contributing to Benin's economic and social development. This initiative is part of a dynamic of inclusive growth and diversification of financing sources for a prosperous future.
