ADB rejects all IPO offers at GHC2

The Agricultural Development Bank (ADB) has rejected all offers made by subscribers to its Initial Public Offer (IPO).

The bank said it wishes to bring to the attention of subscribers of its IPO, its shareholders, the investor community, customers and other stakeholders that it has “rejected offers made by all subscribers of its IPO at GH¢2.00 instead of GH¢2.65 as contained in its prospectus”.

“Following the bank’s rejection of offers made at GH¢2.00 and the directive from the Securities and Exchange Commission, the bank has directed IC Securities (Transaction Advisor) to return to applicants all monies received in respect of the offer,” ADB said in a statement signed by Board Chairman Nana Soglo Alloh IV, on Thursday June 2.

It said consequently, IC Securities will shortly issue a notice to subscribers of the IPO on the modalities for the refund.

The bank said it is desirous and determined to be part of the capital market through the listing of its shares on the Ghana Stock Exchange and is, therefore, in consultation with its shareholders, the Securities and Exchange Commission and other stakeholders to “re-launch its offer as soon as possible”.

It assured investors, customers and the general public that “another opportunity will soon be presented to them to be part owners of this bank which has a huge potential”.