Issuer's guide
Everything companies need to know to access financial market and issue securities
Introduction
The financial market offers companies diversified financing opportunities tailored to their needs. This guide aims to support issuers throughout their process of accessing the market.
Why go public?
- Diversification of financing sources: Reduce dependence on bank credit
- Capital cost optimization: Access to more favorable terms
- Visibility and reputation: Strengthening the company’s brand image
- Liquidity for shareholders: Ability to sell shares on an organized market
- Company valuation: Objective price reference for the company
SA2IF accompagne les émetteurs à chaque étape de leur projet, de la préparation à la mise en place des outils de communication financière.
Financial market
The financial market is structured into different compartments meeting the specific needs of issuers and investors.
Market players
Regulatory authorities
AMF-UEMOA, BRVM
Market intermediaries
Banks, brokerage firms
Investors
nstitutional investors, retail investors
Listing process
Admission to the official BRVM listing is subject to a rigorous procedure guaranteeing transparency and investor protection.
Admission procedure
File preparation
Preparation of the complete file with the help of advisors (bank, auditor, legal counsel).
Submission to AMF-UEMOA
Review of the application by the capital market authority.
Approval
Issuance of listing authorization.
Introduction
First trading of securities on the market.
Required documents
- Approved listing prospectus
- Updated company bylaws
- Certified financial statements for the last 3 years
- Management reports for the last 3 years
- Information note on the issue
- Commitment to publish regulated information
- Market maker contract (if applicable)
Deadline The average processing time for a complete file is 4 to 6 weeks by AMF-UEMOA.
Issuer obligations
Issuers admitted to listing commit to complying with a set of obligations designed to ensure transparency and investor protection.
Ongoing obligations
Publication of annual and half-year accounts within regulatory deadlines.
Disclosure of events likely to impact share price.
Organization of general meetings and respect of shareholder rights.
Publication schedule
| Document | Deadline |
|---|---|
| Annual accounts | 4 months after closure |
| Half-Year accounts | 2 months after closure |
| Management report | With annual accounts |
| Directors' declarations | Within 15 days of appointment |
Attention Failure to comply with disclosure obligations may result in sanctions from the regulator.
Market financing
The financial market offers companies various financing solutions adapted to their needs and stage of development.
Financing Instruments
Capital increase to finance growth without increasing debt.
- Permanent Capital
- No repayment required
- Dilution of control
Medium/long-term loan with flexible repayment terms.
- Fixed or variable rate
- Bullet or amortizing repayment
- Possibility of specific clauses
Benefits of Stock Market Financing
Competitive cost
Often more favorable than bank credit
Long-Term Horizon
Financing tailored to growth projects
Visibility
Strengthening the company’s brand image and reputation
SA2IF accompagne les émetteurs dans le choix de l'instrument de financement le plus adapté à leur situation.
Do you want to go public?
Our corporate finance experts are at your disposal to study your project.