The Nigerian Exchange Limited (NGX) yesterday, Geregu Power Plc (GPP), admitted into the its Main board by way of listing by Introduction (LBI) with the admittance of 2.5 billion ordinary shares of 50 kobo each at N100 per share.
Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first electricity company to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments.
The listing of Geregu’s shares has added N250 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
However, amid high investors’ demand, Geregu Power’s stock gained 10 per cent which amounts to N10 on its first trading day on the NGX to close at N110 per share from N100 per share it was listed by introduction.
The gain pushed its market capitalisation to N275 billion from the N250 billiion it was listed.
The power generation company traded 8.5 million volume of shares at N935 million in one day as its listing further boosted liquidity in the Nigerian capital.
To mark the significance of the listing, a closing gong ceremony was being planned for the last week of October 2022.
Speaking on the listing, the chairman of Geregu Power, Mr. Femi Otedola, stated that, “the listing of the company was the actualization of a vision to bring world-class standards in governance, sustainability, and business processes to the Company and the Nigerian electricity sector.”
He added that, “listing on the main board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders.
Speaking on the development, chairman, NGX, Mr. Abubakar Mahmood said: “we are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our main board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.
