By JKNewsMedia
STRONG INVESTOR demand has propelled Fidelity Bank Plc past expectations in its capital-raising drive, securing an overwhelming 237.92% oversubscription in its Public Offer.
The equity capital raise, completed through a Public Offer and Rights Issue, attracted 107,588 valid applications for 23.77 billion ordinary shares, generating ₦231.7 billion.
The Rights Issue also saw remarkable success, achieving a 137.73% subscription rate with ₦40.7 billion raised from 6,903 valid applications for 4.41 billion shares.
Managing Director and CEO Dr Nneka Onyeali-Ikpe expressed gratitude for investor confidence, stating that the successful capital raise reaffirms Fidelity Bank’s strong market standing and commitment to delivering sustainable financial solutions.
Shareholders have approved a second phase of capital raising, including an increase in the bank’s issued share capital from ₦26.7 billion to ₦36.7 billion, a move essential for meeting the CBN’s new ₦500 billion minimum capital requirement by March 2026.
The bank’s stock performance reflects this momentum, surging from ₦9.75 per share during the Public Offer to ₦21.15, marking over 116% growth. Market analysts forecast a fair value of ₦23.15 per share, indicating a potential 28.88% increase.
Funds raised are earmarked for business expansion, technology enhancements, and improved customer services, reinforcing Fidelity Bank’s strategic vision for long-term growth and innovation.
