{"id":271437,"date":"2016-11-24T19:52:01","date_gmt":"2016-11-24T19:52:01","guid":{"rendered":"http:\/\/citifmonline.com\/?p=271437"},"modified":"2016-11-24T19:52:01","modified_gmt":"2016-11-24T19:52:01","slug":"adb-ipo-takes-off-pegs-price-at-2-cedis-65-pesewas","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/11\/adb-ipo-takes-off-pegs-price-at-2-cedis-65-pesewas\/","title":{"rendered":"ADB IPO takes off, pegs price at 2 cedis 65 pesewas"},"content":{"rendered":"
The Agricultural Development Bank (ADB), has re-launched its Initial Public Offer (IPO) after failing to successfully complete the process<\/a> <\/strong><\/span>a number of times.<\/p>\n The offer which was re-launched today [November 24, 2016], seeks to raise about 380 million cedis.<\/p>\n Managing Director of ADB, Daniel Asiedu who confirmed the re-launch in an exclusive interview with Citi Business News<\/strong> said the bank is expecting a net return of 200 million cedis after the offer.<\/p>\n \u201cAs a bank, we expect a net of 200 million cedis; the whole IPO will raise about 380 million cedis but because Bank of Ghana is selling down its shares, part of the money will be going to them while we retain the remaining amount,\u201d he said.<\/p>\n The last attempt to re-launch the IPO was in May this year where the bank rejected the share price investors offered.<\/p>\n Out of the 380 million cedis the bank is hoping to raise about 180 million cedis will go to the central bank which is giving up its shares in the bank.<\/p>\n