A leading maker and distributor of industrial and medical gases, Industrial and Medical Gases (IMG) Plc, has commenced a rights issue aimed at raising funds for its expansion plans.
The company, listed on the Nigerian Exchange (NGX) Limited, also intends to use proceeds from the exercise to offset its current loan obligation.
IMG Plc plans to get about N6.4 billion from the rights issued expected to close on Thursday, October 2, 2025, according to details of the transaction.
It is offering for pick up a total of 199,797,458 ordinary shares at a unit price of N32.00, amounting to N6.394 billion.
It would be offered to shareholders on the basis of two new ordinary shares for every five ordinary shares held as of the close of business on Wednesday, May 21, 2025.
The rights issue commenced on Friday, August 22, 2025, and all the shares issued under this exercise will rank pari passu in all respects with the issued ordinary shares of the company.
IMG Plc has more than 60 years of experience in Nigeria. Its business involves a broad product portfolio which includes industrial gases (oxygen, nitrogen, argon, carbon dioxide, hydrogen, specialty calibration mixtures), medical gases (critical care oxygen, nitrous oxide, medical air and other life-support gases), food grade and refrigerant gases, alongside welding products and hard goods such as gas equipment regulators.
It also provides safety and risk assessment services to help mitigate hazards associated with pressurized gases.
The organisation delivers a comprehensive range of services for gas projects ranging from supply chain and product distribution support, engineering and general maintenance services. The firm leverages a network of three strategically located production plants across Lagos, Port Harcourt and Kaduna to deliver high quality gas products and allied services across Nigeria’s key industrial and healthcare hub.