Transcorp Power Plc, a leading player in Nigeria’s power generation sector, has stunned the market with its unexpected early listing on the Nigeria Exchange Limited (NGX).
The company, a subsidiary of the indigenous conglomerate Transnational Corporation Plc, commenced trading on the NGX by introducing 7.5 billion ordinary shares at N240 per share, far ahead of the projected timeline set by the Chairman of its parent company, Tony Elumelu.
Tony Elumelu had previously indicated plans to list Transcorp Power within five years, contingent upon significant improvements in transmission lines and gas supply to the power sector.
However, the company’s early listing underscores its commitment to advancing Nigeria’s power infrastructure and expanding investor opportunities in the energy sector.
The listing of Transcorp Power’s shares is poised to inject approximately N1.8 trillion into the market capitalization of the local bourse.
During the closing-gong ceremony commemorating the listing, Tony Elumelu reiterated the company’s mission to enhance lives by enhancing access to electricity.
He emphasized Transcorp Power’s pivotal role in supplying electricity to millions of Nigerians and supporting the West African Power Pool under the Economic Community of West African States (ECOWAS).
Dr. Umaru Kwairanga, Chairman of the NGX Group, lauded the early listing, highlighting its potential to bolster market capitalization and encourage other energy companies to follow suit.
The Managing Director/CEO of Transcorp Power, Peter Ikenga, projected robust annual revenue exceeding N500 billion by 2031, reflecting the company’s ambitious growth trajectory and commitment to sustainable development.
Transcorp Power’s early listing not only reshapes the dynamics of the Nigerian energy market but also signals a paradigm shift in the country’s power generation landscape.
