Transcorp Power is set to debut on the Nigerian Exchange Limited (NGX), boasting a market capitalization of N1.8 trillion.
The company is a member of the Transcorp Group, which includes Transcorp Hotel, equally listed as a separate entity.
In a statement obtained by Nairametrics, it was revealed that the company aims to offer 7.5 billion ordinary shares, of 50 kobo each, at a listing price of N240.00 per share.
The listing ceremony is set to take place on March 4th at the premises of the Nigerian Exchange Limited.
It stated,
Recall in April 2023, Transcorp Chairman Elumelu stated that there were plans to list Transcorp Power as a separate entity within 5 years.
Mr. Elumelu made this comment when he was asked about rumors of a potential spin-off of Transcorp Power Plc following a board resolution passed after its Annual General Meeting (AGM).
Elumelu denied the rumors that he planned to list Transcorp Power as a separate institution on the Exchange, stating that the conglomerate was in it for the long term.
He, however, proceeded to confirm that a spin-off was on the cards, albeit in 5 years, on the condition that transmission lines and challenges with gas would have been fixed.
At an expected valuation of N1.8 trillion, Transcorp Power will become the second most valuable power company on the exchange and will automatically join the SWOOTs( Stocks Worth Over One Trillion Naira).
The most valuable power company based on market capitalization is Geregu Power with a market cap of N2.4 trillion.
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