Transcorp Power Plc has successfully listed 7.5 billion shares on the Main Board of the Nigerian Exchange Limited (NGX) at N240 per share.
This listing, which offers more Nigerians the opportunity to take part ownership of the firm, significantly boosted the overall market capitalization of the NGX by N1.8 trillion on the first trading day, with Transcorp Power’s shares increasing by 10%.
During the listing event on Monday, March 4, 2024, Transcorp Power presented the Facts Behind the Listing, showcasing the firm’s performance parameters and strategy to stakeholders.
The Power company’s CEO, Peter Ikenga, acknowledged the company’s transition from a government-owned asset to a private sector-led organization, showcasing the unique opportunities it offers in Nigeria’s power generation sub-sector.
He also pointed out that with 18 gas turbines of varying capacities, Transcorp Power has maintained optimal performance through effective maintenance and upgrading programs, resulting in a capacity utilization rate of 78% in 2023.
The Group Chairman of Nigerian Exchange Group, Dr. Umaru Kwairanga, commended the listing of 7.5 billion ordinary shares of Transcorp Power on the Main Board of NGX and applaud the resilience, innovation, and excellence within Nigeria’s power sector.
He underscored NGX’s role in driving economic growth and development, ensuring representation of all sectors of Nigeria’s economy on the exchange.
Acting CEO of NGX, Jude Chiemeka, stressed the significance of Transcorp Power’s market capitalization exceeding N1 trillion and its impact on shaping Nigeria’s economic landscape.
He reiterated NGX’s commitment to supporting government privatization efforts, particularly in the energy sector, to drive efficiency, innovation, and sectoral growth.
Transcorp Power’s Chief Finance Officer, Evans Okpogoro, hyped the impressive revenue growth of the company over the past five years, driven by increased energy delivery and capacity charge, as well as expansion into international markets.
He drew attention to the sustained growth of EBITDA margins, solidifying the company’s position as one of the leading power generation companies in Nigeria
Overall, the listing of Transcorp Power’s shares on the NGX Main Board signifies a positive step towards driving efficiency, innovation, and growth in Nigeria’s energy sector.
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