High demand for the first IPO of Nigerian company "Wemi": revenues of 1.4 billion naira
Nigeria – Boubacar Sani
“Wemy Industries Limited” raised 1.396 billion naira through its first commercial paper offering, with subscription demand exceeding the amount offered by a factor of 40%, reflecting strong investor confidence in this Nigerian company specializing in personal hygiene products.
The fundraising process, executed as part of the company's NGN 5 billion commercial paper program, exceeded its initial target, as the subscription volume from institutional and qualified investors surpassed the amount offered.
The proceeds will be used to fund working capital, enhance inventory management, expand distribution, and support manufacturing operations.
This successful issuance marks Wi-Oil's debut in the Nigerian commercial paper market and represents a significant milestone in the company's journey to access capital markets.
Wemy Industries Company
“Wemy Industries” was founded in 1978 and operates in the manufacturing of hygiene and personal care products under its two leading brands, “Dr. Brown's” and ”Nightingale.” The company was a pioneer in the local production of baby diapers and sanitary pads in Nigeria, later expanding to include adult diapers, wet wipes, and other personal care products.
According to the company, revenue and total profit recorded compound annual growth rates of approximately 58% and 52%, respectively, between 2019 and 2025, driven by increased market penetration, operational efficiency, and sustained consumer demand.
As part of its expansion strategy, “Wimi” recently launched an additional production line for adult diapers – the company's most profitable product category – with the aim of increasing production capacity and supporting future profit growth.
Investment-grade credit ratings
Shortly before the issuance, the company obtained investment-grade credit ratings from the credit rating agency “DataPro,” receiving an “A2” rating for short-term obligations and a “BBB-” rating for long-term obligations.
The Managing Director, Paul O'Donoghue, described the success of the fundraising as a landmark achievement, stating that it reflects investors' confidence in the company's brands, operational performance, and long-term growth strategy.
The deal was advised by Emergence Capital Partners Limited, with Afrinvest Capital Limited acting as the lead arranger and the main coordinator, while Mulberry Capital Limited and CFG Advisory Limited served as joint arrangers.
