The Nigerian Exchange Limited (NGX) on Wednesday admitted Geregu Power Plc (GPP) largely controlled by billionaire businessman Femi Otedola into the its main board by way of listing by Introduction (LBI) with 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.
Interestingly, 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.
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