Zichis Agro-Allied Industries Plc has denied reports that it is on the verge of launching an Initial Public Offering (IPO).
In a regulatory filing released on Monday, April 13, 2026, the company stated that while it has not made any official announcement regarding a public offering at this time, it is preparing to seek shareholder approval for a significant capital raise.
According to the company’s statement, the proposed resolution at its upcoming Annual General Meeting (AGM) involves a mandate to raise up to ₦50 billion in additional capital.
The board intends to pursue this through several possible avenues.
“At this stage, the structure, timing, and specific details of any such capital raising have not been finalized,” the company noted.
The execution remains subject to market conditions and the necessary approvals from regulatory authorities.
The clarification follows a series of reports suggesting an imminent 800-million share float.
Zichis Agro-Allied, which was admitted to the NGX Growth Board in January 2026, emphasized its commitment to the highest standards of corporate governance and transparency.
The firm’s Company Secretary, Solomon Itsede, advised the investing public to rely exclusively on official disclosures made through the Nigerian Exchange (NGX) and other authorized platforms when making investment decisions.
This announcement comes during a period of high interest in the company’s stock. Since its listing, Zichis has seen significant price movement, including a recent price reset following a 1-for-1 bonus issue and a 20-kobo dividend payment in March.
The company’s management reiterated that its focus remains on strategic execution and delivering long-term value to its shareholders, particularly as it expands its integrated agribusiness model across oil palm and other productive capacities.