Guaranty Trust Holding Company Plc (GTCO) has launched its public offer for subscription of 9 billion ordinary shares at N44.50 per share, starting on Monday, July 15.

The offer, which aims to raise N400.5 billion, will remain open until August 12, according to the notice filed on the Nigerian Exchange Limited (NGX). The offer has also been admitted on the Exchange’s newly launched digital platform; NGX Invest.

According to the notice, the allocation of the 9 billion units of shares will be evenly split between institutional and retail investors, with each category receiving 4.5 billion shares. However, GTCO has reserved the right to adjust this allocation based on the demand from each investor class. Shares not subscribed by retail investors may be reallocated to institutional investors and vice versa, ensuring that all available shares are optimally distributed based on investor interest.

The final allocation will be determined following a capital verification exercise and the approval of the basis of allotment. GTCO plans to inform investors about the final allocation split and allotment through an allotment announcement.

Stanbic IBTC Capital Limited is serving as the lead issuing house for this offer, with Absa Capital Markets Nigeria Limited, FCMB Capital Markets Limited, and Vetiva Advisory Services Limited acting as joint issuing houses for the offer.

GTCO’s Managing Director and Chief Executive Officer, Segun Agbaje, during the announcement of the offer in Lagos had emphasized the strategic importance of this capital raise. He highlighted the company’s intention to use the funds to boost working capital and drive both domestic and international expansion including acquisitions in Pension Fund Administration /Asset Management businesses and fulfilling the CBN’s recapitalization directive.

Agbaje noted that this is a prime opportunity to invest in Nigeria, given the country’s current monetary policy environment.

Additionally, he outlined GTCO’s long-term vision, focusing on growth, adaptation, and achieving a track record of $1 billion in profit. “This capital raise is seen as a crucial step towards supporting Nigeria’s economic ambitions and ensuring the robustness of the banking sector.”

SOURCE: THESUN