ThriveAgric records successful oversubscribed debut with ₦5.3 Billion commercial paper issuance
ThriveAgric, a leading technology-driven agricultural company has formally announced the successful debut of its commercial paper issuance, with the Series 1 issuance oversubscribed due to substantial institutional demand, enabling the Company to increase its initial ₦5 billion target and close the issuance at approximately ₦5.3 billion. The successful issuance marks ThriveAgric’s debut in the…
ThriveAgric, a technology-driven agricultural company, has successfully issued ₦5.3 billion in commercial paper, surpassing its initial target of ₦5 billion in the Nigerian debt capital markets. The oversubscribed issuance, approved by the Securities and Exchange Commission (SEC), demonstrates growing investor confidence in the company's financial strength, technology, and business model.
The funds raised will bolster ThriveAgric's working capital, commodity aggregation, outgrower farmer network, and agricultural trading operations. ThriveAgric CEO Uka Eje expressed gratitude for the institutional support, which provides the company with financial flexibility to scale operations and aid smallholder farmers. The Lead Issuing House, Anchoria Advisory Services Limited, stated that the oversubscription is a testament to the market's confidence in ThriveAgric's credit profile and the structuring of the capital markets instrument.
Over a decade of operations, ThriveAgric has empowered over 1.2 million smallholder farmers, facilitated $150 million in financing, and increased grain production to bolster regional food supply chains.
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