Proposed NGX Group share listing could lift market cap by N33.734 billion

Barring any last-minute change, the Nigerian Exchange Group Plc says it would list its entire 1,964,115,918 ordinary shares on its subsidiary- the Nigerian Exchange Limited on Wednesday, October 13, 2021.

In a presentation during a virtual Fact-Behind-the-Listing on Monday, Oscar Onyema, chief executive of the group, did not disclose what price the equity would be listed, saying the listing price would be announced in due course.

However, undisclosed sources on Monday had it that the shares are to be listed at N17.17 per unit, which will ultimately lift the equities market capitalisation by N33.734 billion.

The market cap closed today, Tuesday October 12 at N21.310 trillion after appreciating by N96 billion, being gain recouped by investors in the market as the bulls overtook the trading floor after suffering defeat on Monday.

In respect of the proposed listing, Onyema put the number of current shareholders of the company at 300, and the free-float (the percentage of shares available to minority shareholders for trading) at 20.

Onyema listed advantage the listing will confer to include offering an opportunity for more Nigerian individual and institution investors to participate in the growth prospect of the NGX Group; which would “have access to a wider and deeper pool of capital from both domestic institutional and international investors.”

He further stated that the listing is an opportunity for price discovery on the shares of the group, because it is only going to be listed on the NGX Limited.

The proposed listing, the NGX said in a statement, comes on the back of the successful completion of the demutualisation and restructuring of the former Nigerian Stock Exchange and its related operations within NGX Group.