(Bloomberg) -- Loterie Nationale du Bénin SA, the West African nation’s state-run lottery company, rose 4.1% in its trading debut following a $69 million initial public offering.

The company’s shares rose to 5,000 CFA francs ($8) on the regional exchange known as Bourse Régionale des Valeurs Mobilières in Abidjan, the commercial hub of Ivory Coast, according to Roselyne Abe, director-general of EDC Investment Corp., which managed the share sale. Benin’s government sold 9 million shares, or 45% of its stake, at 4,800 CFA francs apiece in the company known as LNB in October.

Benin, one of Africa’s biggest cotton producers, will use the proceeds for sports, cultural and social projects. The nation is one of the fastest growing economies on the continent and has been trying to diversify its economy. President Patrice Talon’s administration is expanding the Port of Cotonou and creating industrial zones to attract investors.

The International Monetary Fund forecasts output in Benin will expand 6.5% this year, making it Africa’s third-fastest growing economy along with Ivory Coast and Djibouti. 

About 42% of the investors in Benin’s first IPO were local, while a third were from the West African Economic and Monetary Union countries, Abe said. The rest were from outside Africa, she said.

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