Nigerian Exchange Limited (NGX) welcomed a significant addition to its Main Board today as it admitted 75 billion shares of Transcorp Power Plc at N240 per share.
This listing, the largest in recent months, injects a staggering N1.8 trillion into the NGX market capitalization, affirming Transcorp Power’s position as a leading player in the power generation sector.
On its debut trading day, Transcorp Power Plc shares surged by 10%, signaling strong investor interest and confidence in the company’s growth prospects.
The listing ceremony was accompanied by a comprehensive presentation from Transcorp Power’s leadership, highlighting the company’s performance, strategy, and pivotal role in Nigeria’s energy landscape.
In his address, Mr. Peter Ikenga, the Chief Executive Officer of Transcorp Power, underscored the firm’s transformation from a government-owned entity to a private sector-driven organization. He emphasized Transcorp Power’s unique position in Nigeria’s power generation sub-sector and its critical contribution to the country’s economic growth.
“With 18 gas turbines of varying capacities, Transcorp Power has prioritized effective maintenance and upgrading programs to ensure optimal performance,” said Mr. Ikenga. “Despite consistent installed capacity, our focus on enhancing capacity utilization has yielded remarkable results, with our utilization rate reaching 78% in 2023.”
Alhaji Dr. Umaru Kwairanga, Group Chairman of Nigerian Exchange Group, commended the listing of Transcorp Power’s shares, describing it as a testament to resilience, innovation, and excellence within Nigeria’s power sector. He highlighted NGX’s commitment to driving economic growth by ensuring the representation of all sectors in the capital market.
“The listing of Transcorp Power, with a market capitalization exceeding N1 trillion, marks a significant milestone for Nigeria’s energy sector and our capital market,” remarked Alhaji Dr. Kwairanga. “It reflects the confidence and maturity of our market, spurred by reforms and market liberalization.”
Acting CEO of NGX, Jude Chiemeka, emphasized the exchange’s role as a catalyst for economic development and its commitment to supporting government privatization efforts, particularly in the energy sector.
He reiterated NGX’s mission to drive efficiency, innovation, and sectoral growth through viable platforms like Transcorp Power’s listing.
Mr. Evans Okpogoro, Chief Finance Officer of Transcorp Power, highlighted the company’s impressive revenue growth over the past five years, driven by increased energy delivery and capacity charge.
He emphasized Transcorp Power’s sustained EBITDA margins, solidifying its position as a leading power generation company in Nigeria.
