Africa: BGFI Holding's Long-Awaited IPO Gets Regulator Approval

10 November 2025
Daba Finance (Abidjan)

The planned listing of BGFI Holding Corporation (BHC) -- parent company of BGFIBank, one of Central Africa's largest financial groups -- has officially received approval from the Central African Financial Market Supervisory Commission (COSUMAF), clearing the way for one of the region's most anticipated IPOs.

The offering, first announced in July 2025, was delayed after a legal challenge by a group of shareholders led by Christian Kerangall, who questioned the timing and governance conditions of the listing. The Commercial Court of Libreville dismissed the complaint on September 19, allowing the IPO process to resume.

Key details:

  • Exchange: Central Africa Stock Exchange (BVMAC)
  • Offering size: 1,573,536 shares (10% of capital)
  • Issue price: 80,000 CFA francs per share
  • Subscription period: November 11 - December 24, 2025
  • Lead Arranger & Bookrunner: BGFIBourse
  • Capital raised: 125 billion CFA francs

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Key Takeaways

BGFI's IPO, approved by COSUMAF on October 28, 2025, marks a historic milestone for both the group and Central Africa's capital markets. For BGFI Holding, the launch of the 2026-2030 strategic cycle reinforces its capital base for expansion in Francophone Africa, signaling a renewed commitment to governance, transparency, and investor relations. For the BVMAC, it represents one of the largest and most high-profile listings in its history, expected to boost liquidity, attract diaspora investors, and deepen market participation beyond institutional players. After months of governance debates and legal uncertainty, BGFI's IPO stands as a turning point for the regional market, showcasing improved regulatory frameworks and investor confidence. The success of this offering -- valued at one of the highest per-share prices ever proposed on the BVMAC -- will test appetite for high-grade African banking equities and could set the tone for future listings in Central Africa's emerging capital ecosystem.

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