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Transcorp Power gains N180bn on first day of listing on NGX



Transcorp Power gains N180bn on first day of listing on NGX
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Transcorp Power Plc was listed on the Nigerian Exchange on Monday, March 4th, experiencing a 10% increase and closing at a share price of N264 per share.

This resulted in a valuation of N1.98 trillion, meaning it gained a remarkable N180 billion on the first day of trading.

The company, which was listed by introduction on the exchange at a share price of N240 per share, is part of the Transcorp Group conglomerate, encompassing power, hospitality, and manufacturing sectors.

Transcorp Power Plc becomes the second power company to be listed on the exchange, following Geregu Power Plc. While Geregu Power is trading at 55.5x book value, Transcorp Power is trading at 25x its book value suggesting there could be room for more capital appreciation.

Transcorp Power recorded the sale of 40 million units of shares at a value of N10,560,000,000.00 (N264 per share), representing a 10% gain.

READ ALSO: Reactions trail Transcorp share deals between Otedola, Elumelu

The company was listed at exactly 2:28 pm on the floor of the Exchange via a bell-ringing ceremony. Soon after, 40 million shares were sold, with millions more awaiting offers.

During the “Fact Behind the Figure” event, traders inquired of the company management when more shares would be available for purchase. In response, Transcorp’s management promised that shares would be available starting Tuesday, March 5th.

The parent company, Transcorp Group, also recorded a 10% gain in share price, with 203,432,945 shares sold at a value of N3,186,717,553.07. Transcorp Group owns about 52% of Transcorp Power.

The other shareholders of the company are Woodrock Energy Resources Limited at 7%, Seaforce Investments Limited at 4%, Thomassen Holding Limited at 3%, and Others at 34%.


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