Transcorp Power Plc, a subsidiary of conglomerate Transcorp Plc, has officially joined the Nigerian Exchange Limited (NGX) today, March 4th, 2024, through a listing by introduction. This move marks a significant step for the company, aiming to unlock a potential market capitalization of N1.8 trillion.
Transcorp Power listed 7.5 billion ordinary shares of 50 kobo each at a price of N240 per share. The company opted for a listing by introduction, a process that doesn’t involve raising fresh capital but allows existing shareholders to trade their shares on the stock exchange.
According to a BusinessDay Nigeria report, the company will utilize the listing to enhance its profile and attract new investors. Transcorp Power plans to engage with stockbrokers, analysts, and other stakeholders to provide insights into its financial performance and future growth plans.
Transcorp Plc acquired the formerly distressed Ughelli Power Plant in 2012 and has overseen significant improvements since. Leadership.ng reports that when Transcorp took ownership, the plant’s capacity was a mere 160MW, while its installed capacity sits at 1000MW. Through dedicated efforts, Transcorp Power has increased the plant’s generation capacity by over 525%, and they plan to further expand to over 3,000MW in the next five years.
The listing of Transcorp Power is viewed as a positive development for Nigeria’s power sector. The additional resources garnered through the NGX listing can potentially fuel further investments in infrastructure and generation capacity, contributing to a more stable and efficient power grid for the nation.
Transcorp Power’s entry onto the NGX is a strategic move with the potential to unlock significant growth opportunities. The success of the listing will depend on the company’s ability to deliver on its ambitious expansion plans and achieve strong financial performance.
This development will be closely monitored by investors and stakeholders in the Nigerian power sector, with the hope that it can contribute to a more reliable and sustainable electricity supply for the country.