Lagos, Nigeria – Zichis Agro-Allied Industries Plc is set to launch an initial public offering of about 800 million shares as it seeks to expand operations and improve stock liquidity, barely months after its listing on the Nigerian Exchange.
Okay News reports that the company’s Managing Director, Anthonia Akabosi, stated in an exclusive interview that the IPO will increase the company’s share capital from 1.2 billion to 2 billion shares. The offering is expected to hit the market after the Annual General Meeting on April 30, with the market determining the share price.
The stock surged by about 800 percent within weeks of its January listing, prompting regulatory intervention and a temporary trading suspension. It peaked at N17.36 per share before trading was halted on February 23, 2026. Following a one-for-one bonus issue and dividend payout, the price adjusted to N8.58 but has since rebounded to N14.14 per share.
The company’s audited 2025 results showed revenue rose 133.79 percent to N675.6 million (approximately $432,700), while profit before tax increased to N364.21 million. The company paid a dividend of 20 kobo per share, higher than the 5 kobo paid the previous year, in addition to a one-for-one bonus share issue.
Analysts note that the IPO aims to address the persistent scarcity of shares, with daily bid volumes consistently exceeding 300 million units. This planned IPO will help improve liquidity and allow more investors to participate in the company’s growth.
