The State of Benin is launching a Public Offering (IPO) to sell between 30.4% and 40% of its stake in the International Bank for Industry and Commerce (BIIC) . This transaction represents a volume of between 17,558,979 and 23,103,920 shares , with a sale price set at 5,250 CFA francs per share . The State hopes to raise between 92.2 billion and 121.3 billion CFA francs .
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 greater private sector involvement in BIIC's shareholding while mobilizing financial resources without resorting to debt. These funds will be used to finance structuring projects that will contribute to national economic development and improve the well-being of the population.
BIIC, created in 2020 from the merger of the International Bank of Benin (BIBE) and the African Bank for Industry and Commerce (BAIC), is now a pillar of the Beninese banking sector. With exceptional growth in its net income, rising from 5.7 billion FCFA in 2021 to 27.2 billion FCFA in 2023 , it demonstrates its financial strength and growth potential.
To orchestrate this IPO, the State of Benin has engaged EDC Investment Corporation (EIC) , the brokerage firm of the Ecobank Group, as arranger and lead manager of the placement syndicate. The syndicate comprises 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 brokerage firms from the WAEMU region 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 closure in the event of high 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 strengthening BIIC and contributing to the economic and social development of Benin. This initiative is part of a dynamic of inclusive growth and diversification of financing sources for a prosperous future.
