The Initiates Plc begins capital-raising journey

…as public offer, rights issue open

The Initiates Plc has started its capital-raising journey with Combined Offer which comprises a Rights Issue of 177,996,310 ordinary shares of N0.50 each at a Right Price of N7 per share, and a Public Offer of 932,022,138 ordinary shares of N0.50 each at N9.50 per share.

The Initiates Plc is a leading indigenous environmental solutions provider with over three decades of experience in hazardous and non-hazardous waste management, industrial cleaning, environmental consultancy, and pollution control.

The company on Wednesday, November 5, opened its Public Offer of 932,022,138 ordinary shares of 50 Kobo each at N9.50 per share, by way of Offer for Subscription. The public offer is scheduled to close on Friday, December 12.

This Public Offer is a strategic initiative aimed at strengthening the Company’s capital base to support business expansion, acquisition of modern waste management equipment, investment in innovative technologies, and enhancement of operational efficiency across Nigeria and Sub-Saharan Africa.

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The company has continued to deliver strong performance, with revenue rising to N4.66 billion in full year 2024 from N1.85 billion in FY’2023, while total assets grew to N5.12 billion in 2024 from N2.56 billion in 2023, reflecting resilience, growth momentum, and a solid financial position.

Also, the company’s Rights Issue of 177,996,310 ordinary shares of N0.50 each at N7 per share is on the basis of on 1 new ordinary share for every 5 ordinary shares held as at the close of business on Friday, August 1. The right issue which is now open is scheduled to close on December 12.

The Rights Issue aims to raise capital to complete the Company’s Western Base Development Project (Kwale), rehabilitate the Eastern Base (Port Harcourt), and support working capital. These initiatives are expected to enhance operational capacity, improve efficiency, and position the Company for sustainable growth within Nigeria’s environmental and waste management sector.

The company’s total assets grew from N1.1 billion in 2020 to N5.1 billion in 2024, while profit after tax (PAT) rose from a loss position in 2020 to N1.38 billion in 2024 — reflecting strong recovery and profitability.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.