June 17, 2024/Coronation Research
Coronation Asset Management Limited is pleased to announce the successful closure of the Series 1 Coronation Infrastructure Fund (CIF) offer, raising an impressive N8.79 billion. This remarkable achievement represents the highest subscription level ever recorded in the market for a debut infrastructure fund, with a subscription rate of 43.95%.
This issuance marks a significant milestone as it achieved the highest subscription percentage in the market for a debut infrastructure fund, surpassing the previous rates of 33.75% and 24.70% recorded by similar organisations. Additionally, it represents the most significant amount raised in the market for a maiden infrastructure fund.
Oladele Akinjo, Head of Infrastructure Funds at Coronation Group, commented: “We are immensely proud of the success of our Series 1 offer. This achievement underscores investors’ confidence in our ability to deliver substantial and sustainable infrastructure projects across Nigeria. The high subscription rate reflects the market’s recognition of our commitment to creating a prosperous future for our clients and the African continent. We are grateful for the support and look forward to driving impactful change through our infrastructure initiatives. The success of the CIF Series 1 offer illustrates a strong investor appetite for well-structured and impactful investment.
The funds raised will be invested in infrastructure projects across the country and sectors critical to Nigeria’s economic stability and growth.
Affirming Investor’s confidence in the Coronation brand, the Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, noted that “Coronation Group’s ability to secure such a high subscription rate is a testament to its robust market position and the trust it has garnered from investors over a sustained period”.
The successful closure of the CIF Series 1 offer marks a new chapter in Coronation Asset Management’s journey towards transforming Nigeria’s infrastructure landscape. This record-breaking subscription level not only sets a new standard in the market but also reinforces Coronation Group’s position as a trusted and visionary leader in the financial services industry. As the Group continues to drive impactful change, it remains focused on its mission to create sustainable wealth and a prosperous future for its clients and the African continent.
