ECP-Backed Oragroup Lists on BRVM
Posted On: 16 Apr 2019 | Source(s): Oragroup
Pan-African financial services provider Oragroup has officially debuted on the West Africa-focused Bourse Régionale des Valeurs Mobilières (BRVM) following the conclusion of the company’s initial public offering. Oragroup sold 6.1 million new shares in the offering while current shareholders sold 7.8 million existing shares at a price of XOF4,100 (approximately USD7.07) per share, generating total gross proceeds of XOF57 billion (USD98 million). Oragroup is backed by Africa-focused private equity fund manager Emerging Capital Partners (ECP), which originally invested in the company in 2008 through ECP Africa Fund III and retains a 50 percent stake following the offering.