Flour Mills of Nigeria plans to start marketing a share sale to existing investors aimed at raising N39.86bn ($130m) on Jan. 15, the Bourse said on Friday.

The flour and pasta maker will offer 1.47 billion shares at N27 apiece, an 18.2 per cent discount to Thursday’s market price of N33.

It will offer nine new shares for every 16 already held via the rights issue.

Flour Mills shares, which climbed 57 per cent in 2017, has gained 15 per cent so far in January, valuing the company at N87bn ($284m).

However, they shed 1.2 per cent on Thursday.

The offer ends on Feb. 21.