FCMB’s Market Value Steady as Public Offers Close
The market valuation of FCMB Plc, a Tier-2 banking group, on the Nigerian Exchange (NGX) steadied following the successful conclusion of public offers last week.
The financial services group ordinary shares offer for subscription ended on Wednesday, and the same day there was demand on the floor of the Nigerian Exchange. This nudged FCMB’s share price higher by 50 kobo in the equities market on Wednesay.
Details showed that the banking group share price closed at N7.7 per share. As a result, the market placed N152.480 billion on FCMB Plc’s 19,802,710,754 shares outstanding two days after its offer for subscription ended. To fulfill the requirement for recapitalization, FCMB made 15,197,289,219 common shares available for purchase by investors at a price of N7.30k.
The opportunity window to buy the bank at discounted ended on Wednesday, 4th September 2024. The group planned to raise about N111 billion from the subscription opened to investors across all walks of life.
FCMB Plc is trading at a steep discount to its 52-week high. Also, the stock traded ahead of its 52-week low. According to data from the Nigerian Exchange, FCMB market price is 38.15% behind its highest price in the last 52 weeks. #FCMB Market Value Steadies as Public Offers Close Naira Slides as Nigerians Import Appetite Rises
