Investors Shun Chapel Hill’s Infrastructure Fund As N26.8bn Series 9 Offer Undersubscribed

Chapel Hill Denham’s Nigerian Infrastructure Debt Fund (NIDF) has been greeted by low patronage as the N26.8bn series 9 offer was undersubscribed by 56.7 per cent.

NIDF is Nigeria’s first and only infrastructure debt fund listed on the Nigerian Exchange Limited.

THE WHISTLER had reported that Chapel Hill’s NIDF announced the raising of N26.8bn series 9 offer a few days after listing on the NGX Ltd.

The series 9 offer is for 246,182,408 units (nominal value of N100 each) issued at N108.89 per unit for an aggregating offer value of N26.8 billion.

However, details of the transaction obtained by THE WHISTLER showed that the N26.8bn was undersubscribed by N15.2bn or 56.7 per cent.

The offer, which ended November 2, 2023, received investors’ application for 106,350,000 units valued at N11,580,451,500.

Chapel Hill disclosed, “At the conclusion of the Offer, applications were received for 106,350,000 units valued at N11,580,451,500.00.

“The issuance represents the Fund’s ninth capital raise since inception in 2017 and the first since its Listing on NGX.

“The proceeds from the Offer will be applied towards infrastructure loans approved by the Fund Manager’s Investment Committee.”