Just five applicants accounted for more than half of the entire subscription value in International Energy Insurance Plc’s (IEI) just-concluded public offer, in which the underwriter raised N25.84 billion.
This is according to the allotment result released by the company after clearance by the Securities and Exchange Commission (SEC). The results show that the N3.20 public offer was 147.67% oversubscribed, requiring the underwriter to refund N60.32 million to investors.
The five applications, falling within the highest subscription bracket of 100,000,001 shares and above, jointly applied for and were allotted 5,218,748,000 ordinary shares. This allotment is valued at N16,699,993,600.00, representing roughly 65% of the entire N25.84 billion raised and 64.6% of the total 8,075,794,000 shares allotted.
By contrast, the remaining 33,635 applications, spanning ten smaller subscription brackets from 1 share to 100,000,000 shares, collectively accounted for the balance of just over N9.14 billion, or roughly 35% of the total value raised.
A breakdown of the allotment by subscription range shows that 3,912 applicants in the 1 to 1,000 shares bracket applied for N12.52 million worth of shares. This represented 11.63% of total applications by count but a negligible fraction of the total value.
The largest pool of applicants, consisting of 24,848 investors, fell within the 1,001 to 50,000 shares bracket. They applied for shares worth approximately N855.66 million, representing 73.86% of all applications by count.
Every application across all eleven brackets was allotted in full, at a 100% allotment rate. This indicates that the concentration at the top reflects the scale of applications submitted rather than any preferential allotment treatment.
The allotment results indicated that IEI will refund N60.32 million to investors. The refund comprises a partially rejected odd-lot application, N10,677,433.27 in excess subscription monies tied to 40 applications, and N49.64 million sitting in the offer proceeds account with no corresponding application.
Meristem Registrars and Probate Services Limited will process these refunds via RTGS or NEFT, with interest, not later than Thursday, August 6, 2026. The e-allotment of shares will be completed via the Central Securities Clearing System (CSCS) not later than Tuesday, August 18, 2026.
The successful offer provides IEI with additional capital to meet its recapitalisation as the insurance industry adjusts to higher minimum-capital requirements and broader regulatory reforms.
Shareholders of the company had, in January this year, approved a capital raise of up to N17.5 billion in fresh capital through options including a public offer, rights issue, private placement, or strategic investor participation.
The shareholders had earlier approved the conversion of a N2 billion deposit from Norrenberger Advisory Partners Limited into equity, further strengthening Norrenberger’s strategic position in the insurer. Norrenberger acquired 649.8 million IEI shares, representing a 50.61% controlling stake, as part of efforts to stabilise the insurer and improve its financial position.
