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The Initiates Plc Gets Nigerian Stock Exchange Listing


By Modupe Gbadeyanka

A waste management company, The Initiates Plc, has been listed on the Nigerian Stock Exchange (NSE).

The firm, serving various sectors of the Nigerian economy with significant strides in the Nigerian hazardous waste sub sector, got the listing on Tuesday.

Business Post correspondent gathered that a total of 889,981,552 ordinary shares of 50 kobo each of the company were listed at N0.85 per share by introduction on the Alternative Securities Exchange Market (ASEM) of the NSE.

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Managing Director/Chief Executive Officer of The Initiates Plc, Mr Reuben Ossai, noted that the listing was part of the management’s strategic plan to promote inclusive growth, transparency and price discovery.

Capital Limited acted as the Lead Financial adviser and the Designated Adviser, while Partnership Securities Limited acted as joint adviser on the transaction.

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According to Mr Ossai, The Initiates Plc seeks to remain a key player in the waste management industry in Nigeria.

He expressed confidence that the company would change the face of waste management services in Nigeria.

Speaking on the listing, CEO of the NSE, Mr Oscar Onyema, noted that The Initiates Plc successfully passed the stringent listing requirements, adding that getting on the NSE will put the company on a pedestal for growth and sustainability.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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