African Export-Import Bank has postponed an Initial Public Offering (IPO) on the London Stock Exchange until equity markets improve.
“Despite significant interest in the bank from investors, in light of unfavorable market conditions, it has decided to postpone the proposed initial public offering at this time,” the Cairo-based lender said in a statement Tuesday. “The bank will continue to monitor the markets to find the appropriate window to launch its offering.”
Afreximbank planned to use the funds to help finance rapidly increasing trade flows on the continent. The lender, which operates in 51 of the 55 countries in Africa, has provided about $69 billion of trade-financing support since starting in 1993.
JPMorgan Chase & Co. and HSBC Holdings Plc were hired as joint global coordinators and bookrunners for the issuance of global depositary receipts, while Exotix Partners LLP was picked as co-lead manager.
While Afreximbank didn’t indicate a post-IPO valuation, the bank reported total equity of $2.7 billion in an investor update last month.
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