The Mozambican Stock Exchange (BVM) announced, on November 14, 2022 , in Maputo, the results of the Public Offer for Subscription (OPS) of Shares in Tropigália, S.A.
Tropigália placed on the market, in an operation conducted by the BVM, 3,078,507 shares, equivalent to 10 percent of its shareholder structure, valued at 360 million meticais.
As part of the Public Offering, 2,819,203 new shares were subscribed, corresponding to 334,049,820 meticais. In total, 1100 orders were visited, 665 (60.45%) of Segment A and 435 (39.55%) of Segment B.
“This operation allowed the issuance of 2,819,203 shares, representing 1,083 investors from all provinces of the country; financial income of 334 million meticais for the company, with market capitalization rising from 20.39% to 20.50%”, said Salim Cripton Valá, Chairman of the Board of Directors (PCA) of the Mozambican Stock Exchange.
The subscription period took place in two phases: between the 17th of October and the 21st of October; and from October 24th to November 4th.

For the CEO of Tropigália, Adolfo Correia, the process reflects the recognition of Mozambicans as “something reliable, something for the future, regardless of what we did in the past and was recognized. Above all, they trust for the future and for the message that Tropigália has passed on in all its development, in all its investment and in all its commitment”.
Banco BIG, as general coordinator of the operation, underlined that the process of selling Tropigália shares, despite the delicacy of the process, complied with the best international practices.


“It wasn't a simple process and it never is. The Tropigália IPO was organized and carried out in accordance with international practices, involving an economic and financial assessment that served, among others, to define the value of the company and the price at which the shares would be offered for sale on the market”, said Pedro Noronha, President of the Executive Committee of Banco BIG.

The BVM has been registering an evolution in what are its main stock market indicators. From October 2021 to November 2022, the market capitalization increased from 120,031 million MT to 139,289 million MT; the ratio of market capitalization to GDP increased from 17.98% to 20.39%, the volume of business increased from the previous 8,348 million MT to 14,339 million MT, and the stock market liquidity index increased from 6.95% to 10, 29%.