London Stock Exchange welcomes ASA International Group PLC to the Main Market
ASA International is one of the world’s largest and most profitable international microfinance institutions, which aims to enhance financial inclusion among low-income populations throughout Asia and Africa in a socially responsible manner.
ASA International lends to 1.8 million low-income, financially underserved female micro-entrepreneurs, as well as small business owners, with 1,387 branches and 9,000 staff as at 31 December 2017. The Company is operational in 12 high growth and diverse markets in Asia and sub-Saharan Africa, with 365 million potential clients and a well-established greenfield strategy to support global scalability. By empowering women through loans used to develop their businesses, the Group drives the socio-economic development of the communities in which it operates.
The Company has a rich heritage in the microfinance sector, based on the Group’s proven microfinance model - the “ASA Model” - pioneered by ASA International Non-Executive Chairman, Md. Shafiqual Haque Choudhury over twenty-five years ago in Bangladesh.
The ASA Model is simple, fast growing, decentralised, easily replicable and highly scalable in existing markets and new countries, supported by a proprietary global IT system and strong embedded growth across its nascent branch network.
ASA International will be admitted to the Premium segment of the Official List of the UK listing authority.
Based on the Offer Price, the Company’s market capitalisation was £313 million at the commencement of conditional dealings on the of the Main Market of the London Stock Exchange.
ASA International is advised by Citigroup, EFG Hermes, Investec and Keefe, Bruyette & Woods. Citi is also acting as Sponsor. Financial public relations is being managed by MHP Communications.
Dirk Brouwer, co-founder and CEO of ASA International, said:
“The completion of our IPO on the premium segment of the London Stock Exchange is a landmark moment for ASA International. I would like to thank all our colleagues and founding shareholders for helping us reach this milestone, and welcome our new investors as we begin an exciting next chapter in our growth.
“We look ahead with confidence as we seek to deliver value for our shareholders and continue to expand our mission to enhance financial inclusion among predominantly female micro-entrepreneurs across Asia and Africa.”
Md. Shafiqual Haque Choudhury, co-founder and Non-Executive Chairman, added:
“We have been delighted with the response from institutional investors during this process, who have shown a strong interest in our company and the proven, replicable, low-cost ASA microfinance model that underpins our growth story. We look forward to continuing to roll out this model in Asia and Africa, as we seek to serve the market of 365 million low-income women where we currently operate, as well as expanding into other regions over time.”