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A New Dawn for Zenith.
(From The News (Nigeria) - AAGM)
Byline: Clement Oriloye
The Successful Completion of Zenith Bank Initial Public Offer, Ipo Earns It a Place On the Nigerian Bourse.
Just before Professor Charles Soludo, Governor of Central Bank of Nigeria,CBN ordered banks to increase their capital base to N25 billion by 31 December, 2005, Zenith Bank Management team led by its Managing Director, Mr. Jim Ovia sought listing on the Nigerian Stock Exchange, NSE .
The bank got the approval of the regulatory bodies, the Securities and Exchange Commission, SEC and the NSE.
The period 1 July 29, July saw investors jostling for Zenith Banks' offer. The Initial Public Offer, IPO was for 800 million ordinary shares of 50k each at N10.90 per share. The expectation was to raise about N10 billion on the floor of the NSE.
But before the offer, analysts had predicted that the issue would be over subscribed. This is as a result of the bank's impressive track record in its 14 years of existence and excellent brand name built over the years.
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