- BGFI Holding’s BVMAC IPO was approved by COSUMAF and its subscription period was extended to February 7, 2026, to accommodate strong investor demand.
- The deal issues 1,573,536 new shares (10% of capital) at 80,000 CFA each, targeting about 126 billion CFA (≈US$223m) in fresh capital.
- A minority-shareholder lawsuit led by Christian Kerangall challenging governance and timing delayed the process but was dismissed by a Libreville court in September 2025.
- Cameroon’s Renaprov Finance is launching a separate IPO to raise CFA 8.4 billion by selling 400,000 new shares (44.44%) at CFA 21,000 from December 15, 2025 to March 15, 2026, mainly to meet COBAC solvency rules and expand lending.
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The BGFI Holding IPO represents a pivotal moment for capital markets in the CEMAC zone. After multiple delays due to governance concerns—including the appointment of Henri-Claude Oyima to government posts and rejections by minority shareholders—the IPO secured regulatory approval from COSUMAF on October 28, 2025. Its subscription window was initially set from November 11 to December 24, 2025, but on December 31, 2025, BGFI officially extended this period to February 7, 2026. The extension was expressly attributed to “fort interest” among both institutional and retail investors and to give potential buyers more time to mobilize capital, without altering other IPO parameters.
Structurally, the offering involves issuing new shares (not secondary stake sales), which will increase capitalization rather than redistributing existing shareholder holdings. The share price of 80,000 CFA—among the highest ever for BVMAC—raises questions about accessibility for smaller investors. While the IPO is positioned as a strategic move towards greater transparency, it does not appear to be driven by need for capital to cover losses or immediate liquidity concerns.
Meanwhile, Renaprov Finance is pursuing its own IPO, aiming to raise CFA 8.4 billion ($≈14.8m) by offering nearly half of its capital to new investors. The primary purpose is to meet regulatory solvency requirements under COBAC, extend its lending capacity beyond short-term operations, and broaden its shareholder base away from its heavily concentrated ownership. Its financials show growing profits in recent years, though deposit and loan concentration remains heavily biased toward specific branches.
Strategic implications are manifold. A successful BGFI IPO could trigger greater investor participation in BVMAC, helping pull more public offerings and secondary market activity. It may enhance investor confidence in governance and transparency, critical for attracting regional institutional and diaspora capital. Regulatory processes—especially the legal challenges—also signal maturing corporate governance expectations.
Open questions remain: will BGFI’s pricing limit retail uptake? How will the proceeds actually be deployed under its 2026-30 plan? Will Renaprov succeed in its regulatory capitalization targets and diversify its branch network effectively? Lastly, will the IPOs materially deepen liquidity on BVMAC, or will they remain structural trophies without secondary market turnover?
Supporting Notes
- BGFI’s subscription window now extended from 24 December 2025 to 7 February 2026 to respond to strong interest and allow time for investors to raise funds.
- Offering size: 1,573,536 shares = 10% of capital; Price per share: 80,000 CFA; Total raise: ≈125.9 billion CFA (~US$223.2 million).
- Legal challenge by minority shareholders (~23%), led by Christian Kerangall, opposed IPO’s timing and governance elements; court dismissed challenge on 19 September 2025.
- COSUMAF granted regulatory approval on 28 October 2025, clearing BGFI to proceed with IPO under agreed terms.
- Renaprov Finance IPO: 400,000 new shares = 44.44% of company; share price CFA 21,000; capital to be raised CFA 8.4 billion. Subscription period December 15, 2025 – March 15, 2026.
- Renaprov’s aims: meet COBAC’s 15% solvency ratio requirement for category-two microfinance institutions; expand into medium- and long-term financing (e.g., real estate, infrastructure); broaden ownership from founder and close relations.