Fidelity Bank Plc, a leading financial institution in Nigeria, has announced the successful conclusion of the first phase of its equity capital raise through a Public Offer and Rights Issue.
The Combined Offer, which was launched in June 2024, recorded an impressive 237.92% oversubscription of the Public Offer and 137.73% oversubscription of the Rights Issue.
According to the Bank, a total of 108,046 applications for 23.80 million Ordinary Shares, totaling ₦231.97 billion, were received during the Public Offer. Out of these, 107,588 applications for 23.77 million Ordinary Shares, totaling ₦23.75 billion, were found to be valid.
The Rights Issue also recorded significant interest, with 7,559 applications for 4.43 million, Ordinary Shares, totaling ₦40.98billion. However, 656 applications for 23.04 million Ordinary Shares, totaling ₦213.10 million, were invalid.
The successful completion of the Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market.
The Bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, expressed her delight at the outcome, stating that “the positive result recorded in our Combined Offer is a testament to the strength of the Fidelity Bank franchise in the capital market.”
Dr. Onyeali-Ikpe also extended her gratitude to the Bank’s investors for their continued confidence in the Bank.
“We are grateful for the confidence our investors have reposed in us, and we reaffirm our commitment to providing cutting-edge financial solutions to our customers and sustainable returns to our stakeholders,” she said.
The funds realized from the Combined Offer will be deployed to support the Bank’s local and international business expansion, enhance its technology infrastructure, and deepen its customer service initiatives.
With the successful completion of the Combined Offer, Fidelity Bank Plc has demonstrated its ability to attract significant investor interest and confidence in the Bank’s growth prospects.
The Bank’s shares have performed impressively, trading at a high of ₦21.15 on February 7, 2025, a growth rate of over 116% since the offer price of ₦9.75 per share for the Public Offer and ₦9.25 per share for the Rights Issue in June 2024.
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