Transcorp Power listing adds over $1.1bn to NGX market cap
TLDR
- Transcorp Power Plc listed on Nigerian Exchange Limited (NGX) with a market capitalization of N1.8 trillion.
- 7.5 billion ordinary shares were introduced at N240.00 each, closing the trading day at N264/share.
- The listing marks a strategic step forward for Transcorp Power and ensures fair pricing previously undervalued within Transcorp Group.
On Monday, Transcorp Power Plc achieved a significant milestone in its corporate journey by listing on the Nigerian Exchange Limited (NGX). With a market capitalization of N1.8 trillion (around $1.1 billion), the company introduced 7.5 billion ordinary shares priced at N240.00 each. By the close of trading, the share price had risen to N264/share.
Previously a subsidiary of the Transcorp Group, which also includes Transcorp Hotels Plc (listed separately), the listing of Transcorp Power aims to ensure fair pricing for the company, which was previously undervalued within the main Transcorp Group holding company.
This move marks a strategic step forward for Transcorp Power in the Nigerian energy sector and is even more significant for the Lagos-based exchange, which has soared to record levels in recent months but has also been hit by a string of de-listings involving multinationals.
Key Takeaways
Having key companies like Transcorp listed on the local exchange is crucial for the economy. With strategic investments in vital sectors like power, hospitality, and energy, Transcorp Group plays a significant role in driving economic growth and development. By being listed, these companies provide opportunities for local investors to participate in their success, thereby fostering wealth creation and financial inclusion. Additionally, their presence on the local exchange enhances transparency and accountability, attracting foreign investment and boosting investor confidence. Furthermore, these companies contribute to job creation, infrastructure development, and overall socioeconomic advancement, aligning with the nation's goals of improving lives and transforming Africa's economic landscape.
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