Zichis Agro-Allied Industries Plc, recently listed on the Nigerian Exchange (NGX), is preparing to launch an initial public offering (IPO) of approximately 800 million shares. This move is intended to facilitate operational expansion and improve the liquidity of its stock.
The company’s Managing Director and Chief Executive Officer, Mrs. Anthonia Akabosi, disclosed the plan in an interview with Nairametrics. The planned offering follows a period of significant share price surge and heightened investor demand since the company's listing.
Zichis' stock concluded its last trading session on Thursday, April 2, 2026, at N14.14 per share. The upcoming IPO, slated to occur after the Annual General Meeting (AGM) on April 30, will raise the company's total share capital from the current 1.2 billion shares to 2 billion shares.
CEO's Perspective on the IPO
Mrs. Akabosi stated that the IPO is strategically designed to balance the company's expansion requirements with the preservation of shareholder value. A key objective is to address the scarcity of the company's shares in the market while maintaining price stability.
“The fact is that we have limited number of shares; 1.2 billion is too small for over 100 million Nigerians. So, to increase it, we need to do IPO. We are looking to float the IPO in April or May after our forthcoming annual general meeting (AGM),” said the CEO.
Regarding the share price for the IPO, the CEO mentioned, “I can’t say the unit price for the IPO. The market will determine the price. The IPO will be anchored by our stockbrokers.”
She further emphasized the company's commitment to organic growth and delivering commensurate returns to shareholders, stating, “We want to grow organically. We don’t want to come to this market and give investors false hope… We want to ensure commensurate returns to our shareholders.” The company is deliberately limiting the offer size to 800 million shares to prevent value dilution and ensure sustainable investor returns.
Market Performance and Investor Interest
Zichis has been a prominent stock on the NGX since its January listing, experiencing a dramatic price movement. The NGX had previously suspended trading on the stock due to its unusual trading pattern but has since lifted the suspension following a regulatory review.
The stock initially surged by approximately 800% within weeks of its listing, reaching a peak of N17.36 per share before trading was halted on February 23, 2026. Following a 1-for-1 bonus issue and a dividend payout, the share price adjusted to N8.58, but has since recovered to N14.14.
Currently, Zichis holds the position of the best-performing equity on the NGX year-to-date, with gains exceeding 661% (ex-bonus/dividend). Analysts hold differing views on the sustainability of this rally, with some questioning the rapid appreciation while others cite the company's fundamentals, including dividend payouts and operational performance, as drivers of investor interest.
The limited supply of shares has also been a significant factor. With an initial 600 million shares at listing, which increased to 1.2 billion, and daily demand often exceeding 300 million units, scarcity has heavily influenced the upward price pressure.
