Indigenous company Hords Cocoa has successfully listed on the Ghana Alternative Exchange (GAX).

The listing follows the successful IPO in which the company raised some 4 million cedis through the issuance of 80 million shares at a cost of 5 pesewas per share. The company's shares were solely written by Gold Coast Securities making them a key shareholder.

Speaking to Citi Business News, Managing Director of Hords Cocoa, Harold Otabil said the funds are to help the company expand and meet international demand for their products.

“The plan is to expand our premises and the next to get the raw materials which largely depend on the orders from the customers but we are targeting diabetics so we will stock more materials in that regard. We are now going to concentrate on production making sure that the 4 million cedis we have raised is used to invest in the right sectors of the company.”

Managing Director of the Ghana Stock Exchange Kofi Yamoah encouraged SME's to take advantage of the GAX to raise funds to make them more competitive.

“With the SME they will have to consider investing on the stock exchange by listing on the GAX to raise cheap finance which will cause them to expand, creating employment opportunities for the teaming youth who are looking for employment.”

At the opening of trading after listing, Hords shares had gained a pesewa and was selling at 6 pesewas with 10,000 shares traded already.