Beginning from 5 October, 2022, shares of Nigeria’s leading Electricity Power Plant, Geregu Power PLC will become available for public purchase.
According to Nairametrics, this is coming following the listing of Geregu Power PLC on the Main Board of Nigerian Exchange by way of introduction.
Geregu Power will be listing 2.5 billion ordinary shares of 50 kobo each at a share price of N100 per share valuing the company at about N250 billion on the first day.
Under the leadership of CEO, Temi Popoola, this is the second listing and a major achievement for the NGX which will host executives of the company at a Closing Gong ceremony to commemorate the listing.
Geregu Power will also be the first electricity company- generation, transmission, or distribution -that will be listed on the Exchange in Nigeria’s history.
It is also the first successor company from Electricity companies privatized in late 2013 to be listed on the Exchange.
It is thus likely that the power plant will herald the creation of an Electricity Sub-sector for the company, paving the way for more electricity companies to list.
A cursory view of the company’s income statement included in its bond prospectus reveal the company reported a revenue of N70.9 billion for the period ended December 2021 representing a 32.3% increase year on year.