At a Glance
- Oversubscribed IPO draws strong interest from pension funds, institutions, and high-net-worth investors.
- FAB expands digital channels and SME services, boosting governance and long-term growth potential.
- PCP completes four full exits, highlighting value creation in West African markets.
Mauritius-based PCM Capital Partners (PCP), founded by Mawuli Abababio and Michel Abrogoua,
has completed a full exit from First Atlantic Bank (FAB) through an oversubscribed initial public offering (IPO) on the Ghana Stock Exchange (GSE), marking a significant milestone for both the fund and the local capital market.
This exit, which comes as First Atlantic Bank PLC (FAB) received regulatory approval to operate in Liberia, brings PCP’s total portfolio liquidity events to four full exits and one partial exit from its maiden West Africa Emerging Markets Growth Fund (WAEMGF).
AA Global drives strong FAB investor interest
PCP’s investment in FAB was made via AA Global Investments Limited (AAGIL), a Mauritius-incorporated special purpose vehicle controlled by the fund.
The IPO drew strong interest from Ghanaian pension schemes, institutional investors, and high-net-worth individuals, reflecting confidence in FAB’s robust asset quality, governance framework, digital transformation, and long-term growth prospects.
The structure also enables pension funds to participate directly in local business growth, deepening Ghana’s capital markets.
First Atlantic Bank drives growth, innovation
A fast-growing indigenous lender, First Atlantic Bank has gained market share through aggressive retail expansion, digital innovation, and improved earnings momentum. First Atlantic Bank is currently the 13th most valuable stock on the GSE with a market capitalization of GHS 2.92 billion ($272.27 million), which is about 1.69 percent of the Ghana Stock Exchange equity market.
Since PCP’s initial investment, FAB has strengthened its capital base, enhanced risk management systems, expanded its product suite, and built digital banking channels. The bank has also extended financial services to underserved retail and SME segments, creating a platform for sustainable growth and eventual regional expansion.
The successful IPO highlights PCP’s ability to create value in West African markets and underscores the growing maturity of Ghana’s capital markets to support large-scale, high-impact transactions.
