Transcorp Power Plc, a prominent player in Nigeria’s power generation industry, has surprised the market with its unforeseen early listing on the Nigeria Exchange Limited (NGX).
The company commenced trading on the NGX by introducing 7.5 billion ordinary shares at N240 per share, far ahead of the projected timeline set by the Chairman of its parent company, Tony Elumelu.
Its listing was conducted via introduction, as Transcorp Power reaffirmed its commitment to raising additional capital through a forthcoming public offering at the earliest opportunity.
Elumelu assured the capital market that more shares would be made available for trading as the day progressed.
The listing of Transcorp Power’s shares is set to inject approximately N1.8 trillion into the market capitalization of the local bourse.
Elumelu said, “Transcorp Power met 100% of the listing requirement and at the moment 40 million of the shares were made available. Additional shares would be provided. Existing shareholder in the company will offer a portion of their ordinary shares in order to create liquidity in the market and enable institutional investors and members of the investing public to acquire shares in the company”.
Speaking at the fact behind the Company’s figures held at the Exchange, the Chairman, Transcorp Power Plc, Emmanuel Nnorom, said: “Following this listing, Transcorp Group now have two subsidiaries listed on the NGX, demonstrating further its commitment to creating value for the Nigerian public and catalyzing economic growth in Nigeria. Transcorp Group will continue to maintain a significant holding in Transcorp Power Plc.”
