Transcorp Power Plc has just listed 7.5 billion shares at N240 per share on the Main Board of the Nigerian Exchange Limited (NGX).
The new security which came onboard with a N1.8 trillion immediately joined the elite class of Stocks Worth Over One Trillion Naira (SWOOTS).
The listing price surged by 10% at the close of the session, pushing the aggregate valuation of equities at the NGX to N55.9 trillion.
Meanwhile, the listing of Transcorp Power on Monday came more than four years earlier than initially envisaged by the chairman of the board of directors of its parent company, Tony Elumelu.
The listing of the company was by way of introduction, just as Transcorp Power promised to raise more capital through a public offering in the nearest future possible.
In his welcome address, the NGX Chairman, Umaru Kwairanga, said: “The listing of Transcorp Power on the Exchange today is the work of the vision of Tony Elumelu. We are proud of him as he creates wealth for people to benefit and lift the economy. We are hoping that more companies will come to the Exchange for listing. We want companies to be represented in the various sectors of the economy to boost our market capitilsation.”
In his comment, Tony Elumelu, Transcorp Group Chairman, assured the capital market that more shares would be made available for trading as the day progresses.
Giving insight on the listing, he stated: “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.”
In his presentation, Chief Executive Officer, Transcorp Power, Mr. Peter Ikenga, said: “Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW. At the time of acquisition, the plant had an available capacity of 160MW. Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within four years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.
