The Initiates Plc (NGX: TIP), Nigeria’s only listed environmental and waste management solutions company, has officially held the signing ceremony and Facts Behind the Combined Offer session at the Nigerian Exchange Limited (NGX).
The Combined Offer consists of a Rights Issue of 177,996,310 ordinary shares of ₦0.50 each at ₦7 per share, and a Public Offer of 932,022,138 ordinary shares of ₦0.50 each at ₦9.50 per share.
This development marks a significant milestone in the company’s capital-raising journey, aimed at supporting its strategic expansion and strengthening operational capacity in the environmental services industry. The proceeds are expected to help TIP consolidate its leadership in hazardous waste management and advance its goal of entering the public waste sector.
The equity price of TIP lost 8% on Wednesday, closing at N12.50 per share on NGX.
Speaking at the event, Jude Chiemeka, Chief Executive Officer of NGX, commended the company’s performance, saying:
“What we have seen today — all of that was clearly articulated. They have very strong performance metrics and have done very well as a growth board listed company.
“From what we’ve heard today, they do have aspiration to move on to the main board of the exchange which stands at N4 billion. We’re really delighted that they came 9 years ago and now they are coming back to utilize the market. It just testifies to the strength of our market”
Whilst speaking during both events, Joe Anosikeh, Board Chairman of The Initiates Plc said: “Today’s signing is more than a financial milestone — it reflects our confidence in the Nigerian capital market and our commitment to sustainable value creation.
“The proceeds from this offer will enable us to deepen our service capacity, expand our reach, and continue to uphold the highest standards in environmental and industrial management”.
In his remarks, Reuben Mustapha Ossai, Managing Director, The Initiates highlighted that the hybrid offer aligns with TIP’s growth trajectory and will enable the company to consolidate its position as a leader in sustainable waste management and industrial solutions across Nigeria and West Africa.
“This combined offer is a strategic initiative that reinforces our growth agenda. We are focused on expanding our asset base, investing in technology, and enhancing shareholder value. We appreciate the support of our partners and regulators as we move into this next phase of our journey,” he said.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
