First Atlantic Bank PLC has become the first company to undertake an initial public offering on the Ghana Stock Exchange (GSE) in more than seven years, ending an 87-month drought for primary equity listings on the main board and marking a rare revival for the country’s capital markets.

The bank’s shares were admitted to trading at GH¢7.3 following completion of an IPO that was oversubscribed, according to regulators and market operators. The offer attracted participation from both institutional and retail investors, reflecting renewed confidence in selected financial stocks after years of subdued market activity.

In its earliest trading, about 2,200 shares changed hands with the stock rising by 40 pesewas from its reference price, an initial movement that indicated measured investor demand at the market open.

The listing ceremony, held at GSE, formally confirmed First Atlantic Bank as a publicly traded company and brought together senior officials from the Bank of Ghana, Securities and Exchange Commission, the exchange, fund managers and transaction advisers.

Abena Amoah, GSE’s managing director, described the event as a landmark for the market, noting that it coincided with the exchange’s 35th anniversary. She said the return of IPO activity restores the exchange to its core purpose of mobilising equity capital and supporting long-term growth.

“It marks a new chapter of growth for both the banking sector and capital markets,” she said, adding that the transaction demonstrates that companies can still raise capital on the local bourse despite recent economic turbulence.

This IPO is the first on the GSE main board since MTN Ghana’s landmark offering in September 2018. Since then, Ghana’s equities market has struggled to attract new issuers, weighed down by the COVID-19 pandemic, weak valuations and, more recently, the country’s debt crisis.

Before this transaction, the exchange had gone five consecutive years without a main-board IPO – the longest such stretch since trading began in 1990.

Dr. Jacob Aidoo, head of SEC’s Issuers Department, speaking on behalf of the Acting Director General James Avedzi Klutse said the First Atlantic offer illustrates one of the capital market’s central roles; allowing companies to raise fresh capital while providing partial exit routes for founding shareholders.

“This public offer demonstrates the critical role of the capital market in supporting corporate growth by mobilising long-term capital, while also providing orderly exit opportunities for early investors,” he said.

He urged the bank’s board and management to comply strictly with continuous disclosure and corporate governance requirements following the listing.

“As First Atlantic Bank transitions into a listed entity, adherence to continuous disclosure and sound corporate governance will be essential in sustaining investor confidence and strengthening the market’s integrity,” he added, while pledging the regulator’s support to drive more market activity.

First Atlantic Bank was licenced as a universal bank in 2014 and has since grown into a mid-tier institution with a national footprint. According to the Bank of Ghana, it accounts for close to four percent of industry assets and deposits and operates about 30 outlets nationwide.

Dr. Johnson Asiama, Bank of Ghana Governor, said choosing to list on the stock exchange was not an easy path for the bank, given higher disclosure standards and dual regulatory scrutiny from both banking and capital markets authorities.

“Ownership broadens, accountability deepens and transparency becomes continuous rather than episodic,” he said, adding that the listing contributes to rebuilding confidence in the financial system after one of the most difficult macroeconomic periods in recent history.

The IPO’s success comes at a time when GSE’s financial stocks index has shown strong momentum in 2025, buoyed by improved investor sentiment and expectations of macroeconomic stabilisation.

At the time of listing, GSE’s Financial Stock Index (GSE-FSI) had increased by 93.89 percent since beginning of the year. The market’s Composite Index (GSE-CI) similarly recorded a year-to-date appreciation of 78.9 percent.

Market participants say the transaction could encourage other banks and corporates to reconsider equity financing as conditions improve.

From the shareholder perspective, Papa Madiaw Ndiaye – a non-executive director of First Atlantic Bank and chief executive of AFIG Funds – said the listing should be seen as a pathway rather than an endpoint. He cited the bank’s long-standing emphasis on governance, compliance and digital banking as key factors underpinning investor confidence.

“This is a powerful symbol of what is possible when African financial institutions are built with long-term vision and the courage to aim higher,” he said.

On his part, Managing Director-First Atlantic Bank Odun Odunfa said the bank’s next phase of growth will be driven by regional expansion – beginning with Liberia, where it has already secured a banking licence, before moving into Sierra Leone and selected francophone African markets.

He said the outward push will be anchored by continued investment in digitalisation and a deliberate focus on people development, positioning the bank to compete effectively across borders while sustaining service quality and operational resilience.

“At the same time, we are deepening our investments in digitalisation and, critically, in our people – because we believe technology and talent will be the key drivers of sustainable growth as we scale across Africa,” he noted.

For the exchange, this transaction carries significance beyond a single issuer. The Accra bourse has attracted only a handful of main-board listings over the past decade, with several companies opting instead for listings by introduction or remaining private amid concerns over valuation and liquidity.