• Renaprov raises 1.1 billion CFA francs, below 8.4 billion target

• Second subscription window extended to May 15 after weak demand

• IPO seen as test of regional market depth, investor appetite

Cameroonian second-tier microfinance institution Renaprov Finance SA raised 1.1 billion CFA francs ($2 million) on the Central African Stock Exchange (BVMAC), well below its target of 8.4 billion CFA francs ($15.1 million).

Afriland Bourse & Investissement, the lead arranger, said in a statement on Wednesday, April 15, that the funds were raised during the first subscription phase of the initial public offering (IPO).

Despite weak demand, the arranger said investor interest picked up toward the end of the period, with a late surge in subscriptions. As a result, a second 30-day subscription window has been opened. The closing date has been extended to May 15 from April 15 after talks with regulators.

The extension aims to attract additional demand and allow investors who had not completed their subscriptions to participate. “In response to strong late demand and significant subscription interest at the end of the period, a second and final 30-day window has been opened,” the statement said.

Limited disclosure on initial phase

Several key details from the first phase have not been disclosed, including the number of shares sold and the breakdown of investors. This lack of transparency makes it difficult to assess demand and investor composition. However, the statement confirmed that shares acquired during this phase will be listed on the BVMAC, indicating that the listing process is ongoing.

When it announced its planned listing in January 2026, Renaprov said it would sell 44.44% of its capital at 21,000 CFA francs per share, aiming to raise 8.4 billion CFA francs. The goal remains to raise funds to support its expansion.

A test for regional market depth

Renaprov’s listing comes as the regional stock market shows signs of recovery, following a major fundraising by BGFI Holding Corporation, parent of BGFIBank. The group raised 45.3 billion CFA francs from 7,601 investors across 24 countries, with individuals accounting for more than 71%.

In the microfinance sector, Renaprov follows La Régionale, another Cameroonian institution, which raised 2.58 billion CFA francs in its 2021 IPO against a target of 8.23 billion CFA francs. Once completed, Renaprov will become the second Cameroonian microfinance institution listed on the BVMAC.

Chamberline Moko