Ellah Lakes Plc’s share price plunged by nearly the maximum daily limit of 10% on Monday after the agro-allied firm announced it would refund subscribers to its N235 billion Initial Public Offer (IPO) due to failure to meet the minimum subscription threshold.
The company disclosed the development in a statement issued on Friday, February 20, 2026, announcing the close of the offer on its website.
The announcement triggered a wave of sell-offs on the Nigerian Exchange (NGX) Limited, compounding investor concerns about the company’s financial position and recent performance.
