Notore Chemical Industries Plc, an agro-allied and Fertiliser Company sold to private investors by the Federal Government in 2005, has received initial approvals to raise about N20 billion in initial public offering (IPO) and another N6.2 billion in an offer for sale, according to sources in the know of the impending transactions.
Notore has been angling to float IPO and the current value of N20 billion is significantly below initial amount of N160 billion mulled in 2012. Notore was reported to have scale down the offer size in the light of the slowdown in the capital market.
Sources in the know indicated that Notore has received approvals from the Nigerian Stock Exchange (NSE) for the IPO and the subsequent listing of its shares on the Exchange.
According to emerging details, Notore plans to float an IPO for 371.59 million ordinary shares of 50 kobo each at N52.72 per share.
The company will simultaneously float an offer for sale for 117.34 million ordinary shares of 50 kobo each at the IPO price of N52.72 per share.