African Banks Lead IPO Surge Across Stock Markets in 2025

17 January 2025
Daba Finance (Abidjan)

TLDR

  • At least five financial companies are set to go public on African stock exchanges in 2025
  • Listings are expected in Abidjan, Libreville, Douala, Tunis, and Algiers
  • This reflects the financial sector's significant influence on the continent's economies

At least five financial companies are set to go public on African stock exchanges in 2025, reflecting the financial sector's significant influence on the continent's economies. Listings are expected in Abidjan, Libreville, Douala, Tunis, and Algiers.

In Benin, the government will sell 30-40% of its stake in Banque Internationale pour l'Industrie et le Commerce (BIIC), raising 92-121 billion FCFA ($145-192 million). BIIC, formed in 2020, holds 22% of Benin's banking assets, with total assets reaching 1,411 billion FCFA by mid-2024. Cameroon's Commercial Bank will list 30% of its shares on the Central African Stock Exchange (BVMAC), while the government retains a 51% stake.

BGFI Holding, the largest financial group in Central Africa, will debut 10% of its shares to fund its strategic growth plans. In Algeria, Banque de Développement Local (BDL) will offer 30% of its capital, becoming the second-largest stock by market cap on the Algiers Stock Exchange. BNA Assurances will also become the 6th insurance company to list in Tunis.

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Key Takeaways

The 2025 IPO wave underscores financial companies' increasing dominance in African stock markets. In 2024, financial sector stocks boosted key indices like BRVM Composite, which rose 28.89%, driven by strong performances from banks such as BOA Mali (+92.2%) and BICICI (+86.92%). In Tunisia, financial firms accounted for 54.6% of market capitalization, with BNA Assurances transitioning to the main market to attract institutional investors. Similarly, Algeria's IPOs of public banks like CPA and BDL reflect modernization and potential privatization in a largely state-controlled sector. For smaller exchanges like BVMAC, the listing of BGFI Holding could significantly increase market depth and attract institutional investors. With markets like Douala and Libreville seeking to replicate BRVM's success, IPOs are poised to strengthen financial markets across the continent, improving liquidity and investor confidence.

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