Lagos - First Bank PLC has issued refunds to some investors because the bank’s last IPO was incredibly over-subscribed.

The bank had attributed the unprecedented response to its IPO as a reflection of the market’s confidence and trust in its potential to build shareholder value.

The bank said that in order to accommodate as many subscribers as possible, a supplementary allotment of 4,545,454,545 ordinary shares, equivalent to the existing room in its authorised share capital, was issued.

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Lagos - The First Inland Bank will today start the sale of its N100 billion hybrid offer to be used to enhance the bank’s growth strategy. The offer is expected to last till the end of January 2008.

The bank is offering to the general public 5,000,000,000 ordinary shares of 50 kobo each at N9.50 per share, 4,000,000,000 irredeemable non-cumulative preference shares of 50 kobo each at N9.50 and rights issue of 968,863,000 ordinary shares of 50 kobo each at N8.50 per share.

The offer closes - bearing any unforseen circumstances - on Thursday, January 31, 2008, and is being sold at discounted price of N3.80 (for rights issue) and N4.80 (for public offer) per share. As at the last time of trading before the Nigerian Stock Exchange(NSE), pulled the share from the market, the stock was trading at N13.30 per share.

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Ibadan - There are strong indications that Wema Bank PLC, has concluded plans to raise N150 billion from the capital market through a combination of offers for subscription (IPO) and foreign capital injection.

According to sources from the bank hierachy, N85 billion will be raised locally from the capital market while the balance of N65 billion is the expected foreign capital injection from institutional investors.

This is coming on the heels of very strong capital market successes recorded by financial institutions in Nigeria in recent times. Investors have also benefitted from the largesse and the high rate of returns as experienced by investors who purchased shares from institutions such as First Bank, Access Bank, Fidelity Bank, Afribank, and non-financial institutions such as Dangote Sugars PLC.

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ThisDay - Investors who purchased Zenith Bank’s shares in 2004 have enjoyed capital gains of about 600% in addition to generous dividends payout of about N20 billion in just three years.

Analysis of the bank’s Annual Report for the past three financial years showed that the bank has continued to surpass its dividend projections year over year. For example, the bank paid a dividend of N6.6 billion at the end of its 2004/2005 financial year up from the 4.2 billion (or 70 kobo per share) paid out the 2003/2004 financial year. Also, the projection of N5.1 billion for 2006 was surpassed by over N1.1 billion when it actually paid out N6.6 billion (or N1.10 per share), representing a 29.6 per cent increase. In 2007, the bank projected N7.6 billion but paid out N9.2 billion (or N1 per share), representing a 21 per cent increase.

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ThisDay - Zenith Bank Plc IPO opens to the public today. The bank is set to  raise N130 billion, the highest of its kind so far since the inception of the Nigerian capital market.

The hybrid offer is made up of rights issue of 1,654,557,99 units each at N36.90 per share and public offer of 1,763,300,00 ordinary share of 50 kobo each at 38.90 kobo per share.

Shares of Zenith Bank have has been excellent, going by its rise from N10.90 in 2004 to N66.14 per share at the end of trading at the NSE on June 30, 2007, this represents a total gain of over N55.24 or over 600 per cent per share within 36 months.

Read more about the Zenith IPO: http://www.thisdayonline.com/nview.php?id=97184

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