IPO and Private Placement Readiness in Nigeria: An Issuer’s Guide

A company considering an IPO, share subscription or private placement needs a clear funding objective and an evidence-based readiness assessment. The route affects advisers, documents, investor eligibility and approvals. Wigmore Trading accepts business-support and sourcing enquiries to help scope preparatory requirements. Any regulated capital-market service must be assigned to appropriately registered professionals under an expressly agreed engagement.

Define the proposed capital raise

Explain how much capital is needed, its intended use, the company’s ownership position and the proposed timetable. Distinguish new shares raising money for the company from a sale by existing shareholders. A private placement is not simply a public offer with a shorter document. Have qualified advisers assess the route and current requirements before approaching investors or advertising an offer.

Understand the professional roles

An issuing house, underwriter, legal adviser, reporting accountant and other professionals may perform different functions. Ask who is responsible for each deliverable and verify the relevant function through the SEC’s operator register. An introduction or preparatory discussion with Wigmore does not establish a regulated appointment or commitment to place or underwrite securities.

Prospectus and memorandum preparation

The required offer document depends on the transaction. Build a controlled information process for financial, commercial, legal and risk disclosures. Assign responsibility for verification and approval, and keep draft versions consistent. A prospectus, private placement memorandum or information memorandum is not merely promotional copy; qualified advisers must determine the required contents and review process.

Valuation, pricing and bookbuilding

Separate a valuation analysis from the eventual offer price and the evidence of investor demand. Ask advisers to explain assumptions, comparable information, dilution and sensitivity. Where bookbuilding is proposed, confirm the authorised process and who manages it. No general guide can promise an issue price, subscription level or successful completion.

Listing and regulatory readiness

Use the NGX explanation of listing routes as background for discussions with your advisers. Listing eligibility and offer approval are different questions. The company should obtain a transaction-specific requirements schedule rather than rely on an old checklist, assumed exemption or generic timeline. Approval cannot be inferred from a well-prepared document.

Compare fees on a defined scope

Request itemised adviser, underwriting, legal, accounting, registration, listing and other relevant costs, with exclusions and tax treatment clarified by the professionals. Explain which fees are fixed, contingent or payable even if the raise does not complete. A headline underwriting commission is not the complete transaction budget. Obtain dated proposals rather than treating online figures as current charges.

Discuss the preparation with Wigmore

Send a non-confidential company summary, funding purpose, intended route, current adviser position and target dates. We can help organise the business-support enquiry and identify the specialist dependencies to confirm. Do not submit confidential shareholder records, personal financial information or an investor subscription through an initial sales message.