ADC African Development Corporation joined the Entry Standard of the Frankfurt Stock Exchange on 14 December. The public offering (with prospectus) comprised 4 million new shares. The issue price was €11.00 and the initial listing price €12.10.
biw Bank fr Investments und Wertpapiere AG is the issue bank and designated sponsor, Wolfgang Steubing AG is the lead broker.
“The Entry Standard is the suitable segment for all companies that aim for efficient trading of their shares with few formal requirements,” said Barbara Georg, Head of Listing & Issuer Services at Deutsche Brse. “This year alone, 20 companies used the Entry Standard to draw more investor attention within the exchange-regulated market.”
According to the company’s own sources, the ADC bank and insurance group focuses on sub-Saharan Africa (SSA). “The share placement was very successful. The high level of interest is also due to the fact that with a German listing ADC meets international transparency requirements; however the funds are invested outside the major African stock exchanges,” said Olaf Meier, Managing Director of ADC African Development Corporation.
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