First Atlantic Bank has been formally admitted to the Ghana Stock Exchange (GSE) as it moves forward with plans for an Initial Public Offering (IPO), the exchange announced this week.
The transaction positions the bank to become the first company since 2018 to pursue an equities market IPO on the GSE, marking what many analysts view as a significant milestone for Ghana’s capital markets. The development comes after the bank secured necessary regulatory approvals and converted to a public company limited by shares on November 7, 2025.
The prospectus details the offer of up to 101,667,519 ordinary shares at GHS 7.30 per share, aiming to raise up to GHS 742,172,888.70. The public offer commenced on November 24, 2025, and closes on December 5, 2025, with a tentative listing date of December 19, 2025.
The offering includes both new shares and existing shares being sold by current shareholders, representing approximately 22.6 percent of the bank’s existing equity. Amber Securities serves as manager, while First Atlantic Brokers and IC Securities act as sponsoring brokers.
Abena Amoah, Managing Director of the Ghana Stock Exchange, welcomed the development as validation of ongoing market reforms. She noted that the move underscores growing confidence in Ghana’s capital market and reinforces the exchange’s commitment to supporting institutions in raising capital for growth.
The bank’s decision aligns with recent calls from the Bank of Ghana (BoG) for more lenders to list on the exchange. Governor Johnson Asiaman announced in October that the central bank would encourage more banks to list, describing the initiative as a way to strengthen the market.
The timing reflects improved financial performance. First Atlantic Bank’s unaudited results for the third quarter of 2025 show profit before tax rising sharply to GHS 371.3 million compared with GHS 207.9 million in the same period last year. The bank recorded profit of GHS 252.5 million, nearly double the GHS 133.5 million posted in September 2024.
Total assets increased to GHS 15.66 billion, up from GHS 12.26 billion a year earlier. Customer deposits closed the quarter at GHS 13.83 billion, while the bank’s capital adequacy ratio stood at 15 percent, above regulatory requirements.
Board Chairman Amarquaye Armah described the IPO as a strategic step aligned with the bank’s expansion vision. The institution has emphasized that becoming publicly listed will support long term investments in digital infrastructure, product innovation and financial inclusion.
Market analysts suggest the listing could inject renewed momentum into Ghana’s equities market, which has experienced limited IPO activity in recent years due to macroeconomic pressures. The absence of equity IPOs over the past seven years has been a concern for market watchers.
Ghana currently has 25 universal banks, but only 11 are listed on the GSE. If completed successfully, First Atlantic Bank will become the 12th bank on the exchange, adding another option for investors and supporting efforts to deepen Ghana’s capital market.
The bank operates as a universal lender licensed by the Bank of Ghana. Originally founded as a merchant bank in 1995, the institution received universal bank status in 2011. It merged with Energy Bank Ghana in December 2018 to meet capital guidelines mandated by the central bank.
First Atlantic Bank maintains branches across all regions of Ghana and has won recognition for excellence in customer care, trade finance and corporate banking. The institution says it will provide regular updates as the listing process advances in coming weeks.
