The Initiates Increases Total Issued, Fully Paid-up Share Capital by 125%

By Aduragbemi Omiyale

The total issued and fully paid-up share capital of The Initiates has been increased by 125 per cent following the additional listing of the company’s equities on the Nigerian Exchange (NGX) Limited on Wednesday.

During the midweek trading session, the firm brought an additional 1,110,018,448 ordinary shares to Customs Street for listing.

They were from its rights issue and private offer of the organisation to raise its total issued and fully paid-up share capital to 2,000,000,000 ordinary shares of 50 Kobo each from the current 889,981,552 ordinary shares of 50 Kobo each.

Business Post reports that the Initiates listed 177,996,310 ordinary shares of 50 Kobo each at N7.00 per share from rights issue and 932,022,138 ordinary shares of 50 Kobo each at N9.50 per share from public offer on the exchange on Wednesday.

“Trading licence holders are hereby notified that an additional 1,110,018,448 ordinary shares of 50 Kobo each of The Initiates Plc were on Wednesday, September 30, 2026, listed on the daily official list of the Nigerian Exchange Limited.

“The additional shares listed on NGX arose from The Initiates Plc’s rights issue of 177,996,310 ordinary shares of 50 Kobo each at N7.00 per share on the basis of one new share for every five ordinary shares held as of Friday, August 1, 2025, and a public offer of 932,022,138 ordinary shares of 50 Kobo each at N9.50 per share.

“With this listing of the additional 1,110,018,448 ordinary shares of 50 Kobo each, the total issued and fully paid-up share capital of The Initiates Plc has now increased to 2,000,000,000 ordinary shares of 50 Kobo each from 889,981,552 ordinary shares of 50 Kobo each,” a notice signed by the Head of the Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, said.