Zenith Bank Plc has successfully concluded its ₦162.08 billion public offer, which was oversubscribed by 160.47%, highlighting strong investor confidence in the bank’s growth prospects.
Initially, the offer was set at 2,767,251,036 ordinary shares at ₦36.50 per share, but due to overwhelming demand, an additional 1,673,336,214 shares were allotted, bringing the total shares issued to 4,440,587,250.
This landmark capital raise reflects Zenith Bank’s strong market position and investor trust in its expansion strategy.
Key Details of the Public Offer
- Total Shares Offered: 2,767,251,036 Ordinary Shares
- Issue Price: ₦36.50 per share
- Subscription Level: 160.47%
- Oversubscription Absorbed: 1,673,336,214 additional shares
- Total Shares Allotted: 4,440,587,250
- Total Amount Raised: ₦162.08 billion
The public offer was managed by a consortium of leading investment banks, ensuring a seamless subscription process and allotment execution.
Results of the Public Offer
Zenith Bank’s public offer attracted 127,508 applications, reflecting significant retail and institutional investor participation.
- Valid Applications: 127,397 applications for 4,440,587,250 shares.
- Rejected Applications: 111 applications (12,076,837 shares).
- Odd Lots Rejected: 87,140 shares.
- Disqualified Application: 1 large application for 5,000,000 shares (failed CBN capital verification).
Zenith Bank absorbed the entire oversubscription, ensuring that investors received full allotments for their applications.
Breakdown of Allotments by Investor Category
The table below shows the breakdown of applications by investor size and allotment results:
| Share Range | No. of Applicants | Shares Applied | % Allotted | Shares Allotted | Amount Paid (₦) |
|---|---|---|---|---|---|
| 1 – 250 | 12,551 | 3,137,750 | 100% | 3,137,750 | 114,527,875 |
| 251 – 50,000 | 104,092 | 812,164,500 | 100% | 812,164,500 | 29,644,004,250 |
| 50,001 – 100,000 | 5,700 | 465,710,250 | 100% | 465,710,250 | 16,998,424,125 |
| 100,001 – 500,000 | 3,834 | 877,405,500 | 100% | 877,405,500 | 32,025,300,750 |
| 500,001 – 1,000,000 | 756 | 649,132,500 | 100% | 649,132,500 | 23,693,336,250 |
| 1,000,001 – 5,000,000 | 411 | 915,262,500 | 100% | 915,262,500 | 33,407,081,250 |
| 5,000,001 – 10,000,000 | 30 | 214,104,000 | 100% | 214,104,000 | 7,814,796,000 |
| 10,000,001 – 25,000,000 | 17 | 259,169,750 | 100% | 259,169,750 | 9,459,695,875 |
| 25,000,001 – 50,000,000 | 4 | 132,171,000 | 100% | 132,171,000 | 4,824,241,500 |
| 50,000,001 & Above | 2 | 112,329,500 | 100% | 112,329,500 | 4,100,026,750 |
| Total | 127,397 | 4,440,587,250 | 100% | 4,440,587,250 | ₦162,081,434,625 |
The allotment data confirms a high level of participation from both retail and institutional investors, further solidifying Zenith Bank’s reputation as a trusted financial institution.
Allotment Process & Share Crediting
Zenith Bank has assured investors that:
- Shares will be credited to CSCS accounts by January 30, 2025 (five business days after SEC approval).
- Allottees without CSCS accounts will receive their shares via Registrar Identification Number (RIN).
- Refunds for excess subscriptions will be processed by January 30, 2025.
This ensures a transparent and efficient allocation process, reinforcing investor confidence in Zenith Bank’s capital market dealings.
Strategic Implications & Market Impact
Zenith Bank’s oversubscribed public offer underscores its strong brand equity and long-term growth potential. The ₦162 billion capital raise will be deployed to:
✅ Strengthen the bank’s capital adequacy ratio.
✅ Expand loan portfolios and digital banking initiatives.
✅ Support future business expansion and operational improvements.
✅ Enhance shareholder value through sustained profitability.
Investor Sentiment & Market Confidence
The overwhelming response to the offer reflects:
- Investor trust in Zenith Bank’s leadership and financial performance.
- Increased optimism in Nigeria’s banking sector amid economic recovery.
- A strong appetite for equity investments despite macroeconomic volatility.
With this successful offering, Zenith Bank is poised to maintain its leadership in the Nigerian financial sector, driving growth, innovation, and shareholder value creation.
What’s Next for Investors?
- Trading on NGX: Newly allotted shares will be available for trading once credited.
- Long-Term Growth Prospects: Zenith Bank’s strong fundamentals position it for future profitability.
- Potential for Higher Dividends: With an improved capital base, investors anticipate higher dividend payouts.
Zenith Bank’s public offer success reaffirms its position as one of Nigeria’s leading financial institutions, with a strong trajectory for sustained growth.