The Initiates Rally Amidst Dual Capital Raising Offers
The stock market value of waste management company The Initiates Plc’s (TIP) 889.981 million outstanding shares inched close to N10 billion on the Nigerian Exchange (NGX) on investors’ improved sentiment.
Waste management services provider The Initiates is in the capital market to raise capital to fund strategic expansion projects and strengthen its business fundamentals.
Stock market data showed that the company’s share price rose to N11.20 on Friday as 1.448 million units valued at N16.435 million were traded in the local bourse.
Trading at about 37% below its highest value reached in 52 weeks, the initiates opened the week at N10.99. The company price presents entry opportunity for new investors to build portfolio. The company is in the midst of rights issue to drive expansions.
Analysts said the initiates market capitalisation will surged after the offer closed on expectations that shareholders will exercise their rights.
The Initiates Plc, this month launched a N11.5 billion combined offer, following approvals from the Securities and Exchange Commission.
On Nigerian Exchange, the company announced 177,996,310 new ordinary shares at N7.00 per share via Rights Issue on a 1 for 5 basis to existing shareholders.
Also, the Initiate opened 932,022,138 ordinary shares at N9.50 per share through a Public Offer. The offer closes December 12, 2025, following approvals from the SEC and NGX.
In Q3-2025, TIP reported a total revenue of NGN 1.991 billion, 49.75% increase from N 1.330 billion reported in the same period in 2024.
Its gross profit rose to N1.482 billion as against N461.91 million reported in Q3 2024. The company’s net Profit before tax climbed to N1.274 billion from N430.9 million reported in Q3 2024.
