Access Bank Botswana on Wednesday revealed that it had secured access to the $1.6 billion IPO, Africa’s largest ever, through unsponsored depository receipts that will be offered to local investors and listed on the BSE.
Under the sponsored variety, the Dangote Group would set aside shares in the recently opened IPO for a depository bank that would support the tradable receipts at local level for investors in the country. In the unsponsored scenario, the depository bank, in this case Access Bank, has secured a block of IPO shares and is availing the same tradable receipts to the BSE and further to the 14 members of the Committee of Southern African Stock Exchanges (CoSSE).
