Neimeth International Pharmaceuticals Plc (NGX: NEIMETH) has applied to the Nigerian Exchange Limited for the approval and listing of a proposed rights issue, according to a market bulletin issued by NGX Regulation Limited on February 2, 2026.
The pharmaceutical company, through its stockbroker, PAC Securities Limited, is seeking to raise additional capital via a rights issue of 610.44 million ordinary shares of 50 kobo each, priced at ₦4.00 per share.
The offer will be made on the basis of one (1) new ordinary share for every seven (7) existing ordinary shares held by shareholders.
The qualification date for the rights issue has been fixed for Monday, February 2, 2026, meaning only shareholders on the company’s register at the close of business on that date will be eligible to participate in the offer.
The application has been submitted for regulatory approval and subsequent listing on the Nigerian Exchange.
Meanwhile, shares of the company have recorded significant price movements in January, reflecting heightened investor interest. The stock opened the year at ₦5.90 on January 2 before rallying sharply to close at a peak of ₦14.17 on January 22. Intraday trading on January 22 pushed the stock as high as ₦16.00, although it later retreated to close at ₦14.17, which remains the highest closing price recorded so far.
Following this peak, the share price came under selling pressure in subsequent sessions. As at the close of trading today, the stock settled at ₦10.10, reflecting a pullback from recent highs while remaining well above its opening level for the year.
The proposed rights issue price of ₦4.00 per share represents a steep discount to the company’s current market valuation. With the shares closing at ₦10.10 on Wednesday.
The offer price is less than half of the prevailing market price, underscoring the relative attractiveness of the rights issue to existing shareholders.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
