FCMB Group Plc listed 19.8 billion shares on the Nigerian Exchange Group (NGX) after a public offer that was 33% oversubscribed, signalling strong investor confidence. The listing, completed on 30 January, follows the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) capital verification and approval.
The public offer, priced at ₦7.30 per share, attracted 42,800 investors and raised ₦147.5 billion. Notably, 92% of subscriptions came through digital channels, adding 39,000 new investors to the Group’s registry.
|
|
FCMB Group CEO Ladi Balogun described the successful capital raise as a key step in the company’s growth strategy. The proceeds will bolster the capital base of its banking subsidiary, First City Monument Bank Ltd., to over ₦240 billion, exceeding national banking license requirements. This positions the bank for continued expansion and supports its pursuit of maintaining its international banking license.
The listing increases FCMB Group’s total issued shares to 39.6 billion. The company is currently in phases two and three of its capital raising programme, demonstrating its commitment to meeting international capital standards. The move aligns with FCMB Group’s vision to become a leading global financial services player of African origin.
|
|
|
|---|
The successful offering and subsequent listing underscore investor appetite for Nigerian financial institutions and contribute to Nigeria’s broader economic goals, including its pursuit of a $1 trillion economy.
FCMB Group’s commitment to inclusive growth and sustainable development makes it a compelling prospect for impact-driven and long-term investors seeking exposure to the Nigerian market. The oversubscription and the significant participation of retail investors are indicators of positive investor sentiment.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
