The The Securities and Exchange Commission (SEC) has approved the Basis of Allotment (BOA) for The Initiates Plc‘s recently completed Hybrid Offer signalled a major milestone in the company’s capital-raising efforts.
In a notice issued to shareholders and subscribers, the company disclosed that successful investors in the Public Offer would begin receiving their allotted shares electronically through their Central Securities Clearing System (CSCS) accounts within two weeks and one month from the announcement date.
The company noted that no physical share certificates would be issued, in line with Nigeria’s fully dematerialised trading system operated by the Central Securities Clearing System (CSCS).
The Initiates PLC expressed appreciation to shareholders and investors for their participation and confidence in the company’s growth strategy.
The Hybrid Offer, launched in late 2025, consisted of a Rights Issue of about 178 million ordinary shares priced at ₦7.00 per share for existing shareholders, alongside a Public Offer of 932.02 million ordinary shares at ₦9.50 per share targeted at the investing public.
Originally opened on November 5, 2025, the offer period was later extended to January 12, 2026, following strong investor interest.
According to the company, proceeds from the exercise will be deployed toward business expansion, technology upgrades, and strengthening operational capacity across Nigeria and other West African markets.
Investors were advised to monitor their CSCS accounts and official communication channels for updates regarding share allotment and post-offer processes. The company added that further disclosures would be made through its official website, Nigerian Exchange filings, and verified social media platforms.
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