The Initiates Plc recorded the largest proportional increase among the three companies after listing 1,110,018,448 additional ordinary shares on Wednesday, September 30.
Unlike the two insurance companies, the additional shares resulted from two separate capital-raising channels.
The company listed 177,996,310 shares arising from a rights issue at N7 per share and another 932,022,138 shares from its public offer at N9.50 per share.
The exercise increased The Initiates’ issued shares from 889,981,552 to exactly 2 billion shares, an expansion of approximately 124.7 percent.
Based on the respective offer prices and the number of shares listed under each component, the rights issue represents about N1.25 billion, while the public-offer shares represent approximately N8.85 billion, putting the combined value represented by the newly listed shares at about N10.10 billion.
Altogether, Guinea Insurance, Regency Alliance Insurance and The Initiates added approximately 8.001 billion shares to the NGX during the week.
The listings reflect the continuing impact of corporate capital-raising exercises on the number of securities admitted to the Nigerian equities market with The Initiates more than doubling its issued shares and Guinea Insurance expanding its outstanding shares by about 40 percent.