• BGFI raises CFA 45.3 billion in BVMAC IPO tranche
• 7,601 investors from 24 countries subscribed shares
• Listing to make BGFI first multinational on BVMAC

BGFI Holding Corporation, parent company of BGFIBank and Central Africa’s leading financial group, said on Monday it had closed the first tranche of its initial public offering (IPO) on the Central African Securities Exchange (BVMAC).

The group raised 45.3 billion CFA francs ($80.5 million) from 7,601 investors across 24 countries, with individuals accounting for more than 71% of subscribers. Trading is expected to begin at a later date.

BGFIBourse acted as arranger and lead manager for the offer, which involved issuing 1,573,536 new shares representing 10% of the group’s capital. The tranche was 36% subscribed. Before the IPO, the group had 431 shareholders from eight countries.

Strong participation from investors in the CEMAC and UEMOA zones, as well as Europe, North America and Asia, highlights the group’s international reach, BGFIBourse said in a statement.

“This listing is much more than a financial transaction. It reflects confidence in the future of our group and in the maturity of African markets,” said Henri-Claude Oyima, Chairman and CEO of BGFIBank Group.

First multinational to list on BVMAC

Once admitted to BVMAC’s official list, with its shares to be cleared and settled through the region’s central securities depository (DCU), BGFI Holding Corporation will become the first multinational listed on the exchange.

Retail and corporate investors accounted for 58.68% of allocations, followed by qualified investors at 28.70% and group employees at 12.62%.

Proceeds from the offering will finance the BGFI 2030 strategic plan, which предусматриes the development of four growth hubs, expansion in existing markets, entry into three new countries and a technology modernisation programme.

Founded in 1971, BGFIBank operates in 12 countries and employs more than 3,000 people. The group traces its origins to the establishment of a branch of Banque de Paris et des Pays-Bas in Gabon. It was named “Best Bank of the Year” at the African Banker Awards 2025.

Based in Douala, BVMAC serves Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea and Chad. Created by CEMAC in 2003, it recorded its first listing in 2008 and merged with the Douala Stock Exchange in 2019 to form a single regional market.

The exchange has long struggled with low liquidity. Several trading sessions in February 2025 saw no transactions. Fewer than 10 companies are currently listed, and market capitalisation stood at 431.96 billion CFA francs. BGFI’s arrival is expected to provide fresh momentum to the market.