Two initial public offerings (IPOs) to raise capital could be about to transform the Bourse des Valeurs Mobilières de l’Afrique Centrale (BVMAC), based in Douala.
BGFI Bank’s $223m share offer
The IPO and listing of BGFI Holding Corporation (BHC), Gabon-based parent company of the pan-African banking group BGFIBank, is set to be one of the biggest on the BVMAC. The offer opened on 11 November and was due to close on 24 December (see the press announcement here) but on 31 December it was extended to 7 February, according to this article on Business Finance International.
It comprises nearly 1.6m shares – 10% of the parent company – offered at 80,000 FCFA each to raise up to 125.9bn FCFA ($223.2m). BGFI Bourse is lead arranger and bookrunner. The information document/ document d’information can be found here (in French).
The company said the extension is in response to strong interest from institutional and individual investors and it aims to give potential subscribers more time to secure funds to apply.
BGFI (Banque Gabonaise et Française Internationale) is based in Gabon and active in 10 African countries. It is particularly known for corporate banking and has insurance and fund management arms. The share offer is part of BGFI’s strategy to strengthen its financial structure, execute its strategy and build its position in the capital market including increased transparency and governance
The road to IPO had been tortuous after minority shareholders led by Christian Kerangall tried to block the IPO, which had been initially set for July 2025, as explained by Romuald Yonga in African Markets. In September, the Libreville Commercial Court dismissed the claim. The IPO was approved by the regional regulator Commission de Surveillance du Marché Financier de l’Afrique Centrale (COSUMAF) in October 2025.
President Director-General of BGFI Henri-Claude Oyima said in a previous interview that the listing was not to raise capital as the bank had enough, but to demonstrate its commitment to transparency and good governance. Oyima was appointed as Gabon’s Minister of Economy, Finance, Debt and Shareholdings from May 2025 until 1 January 2026.
This may be a further step in the bank’s transformation after a 2021 leak of over 3.5m documents dubbed “Congo Hold-Up”. News reports into the documents (such as this one on the Platform to Protect Whistleblowers www.pplaaf.org) said that entities linked to Joseph Kabila, former President of the Democratic Republic of Congo, had used BGFI Congo to embezzle over $138m in public funds and receive $105m in other funds.
Microfinance firm Renaprov
Cameroonian microfinance institution Renaprov Finance S.A (full name la Réserve Nationale de l’Epargne et de la Provision) has also launched its IPO. This offers 400,000 new shares – 44.4% of the company’s capital – offered to the public at 21,000 FCFA per share. It aims to raise 8.4bn FCFA ($14.8m). Afriland Bourse & Investissement is the transaction arranger and centralizes subscriptions. A very short information leaflet and application form (both in French) can be found here on the BVMAC website.
The subscription period opened on 15 December and is set to close on 15 March. The aim is to list the shares on BVMAC within 30 days after the offer closes. Here is a good article on Ecofin.
Renaprov, which was first conceived in 1992 and reached its current structure in 1996, operates 28 branches and employs over 500 people. Its services include savings, productive loans and consumer financing. The aim is to boost the capital base to meet regulatory capital and solvency requirements set by the Commission Bancaire de l’Afrique Centrale (COBAC), move into medium- and long-term financing, and widen shareholding beyond the 86% currently held by founder Emmanuel Noël Bissai, who is the main decision-maker.
About the BVMAC exchange
The BVMAC operates as a regional exchange for Central Africa and covers the Communauté Économique et Monétaire de l’Afrique Centrale (CEMAC): Cameroon, Central African Republic, Chad; Republic of the Congo, Equatorial Guinea and Gabon.
It has six listed companies and several debt instruments. Its main goal has been capital-raising and there is little secondary trading.
Photo supplied by BGFI Bank website.
NOTE: This article is supplied for news and information purposes only, it is not a suggestion to invest. For investment decisions, read the documents and consult your expert advisors.