Transcorp Power has achieved a significant milestone by becoming the second Electric Power Generating company to be listed on the mainboard of the Nigerian Exchange Limited through Introduction.
In this form of listing, the company doesn’t undergo the traditional book building, underwriting, or public offer process. Instead, existing outstanding shares are sold, with no creation of new shares. This approach allows the current shareholders, the owners of Transcorp Power in this instance, to trade their existing shares with interested buyers.
The listing by introduction serves as a platform for existing shareholders to trade their shares and introduces the possibility of new investors joining the company, thereby diversifying the shareholder base. Additionally, being listed on NGX opens up avenues for Transcorp Power to access a larger pool of capital raising options and contribute to the growth of the Nigerian capital markets.
Since listing its 7.5 billion shares at N240.00 per share on March 4, 2024, the stock market has witnessed a significant appreciation, with the share price heading towards N400 per share on the Exchange. The company’s market capitalization increased from N1.8 trillion to N2.63 trillion as of March 8, 2024.
In its Week-on-Week performance, Transcorp Power experienced a noteworthy appreciation of N111.30 or 46.4%, closing at N351.30, while its market capitalization saw a WoW growth of N834.75 billion.
Transcorp Power, a subsidiary of Transnational Corporation Plc (Transcorp), is Nigeria’s largest gas-fired power generating station, leading the way in energy generation for millions of people in Nigeria and Africa. Established on September 24, 2012, as Transcorp Ughelli Power Limited (TUPL), the company emerged as the preferred bidder during the privatization of the national electricity assets by the Federal Government of Nigeria.
With the 972MW installed capacity Ughelli Power Plant in Delta State, Nigeria, Transcorp Power surpassed the five-year performance target set by the Federal Government in 2013, increasing the available capacity from 160MW to 701MW within four years of taking over the plant.
In 2023, the company became the first power generation company to be discharged from post-privatization monitoring by the National Council of Privatization, having met and surpassed set targets. The company is led by a dedicated and experienced Board of Directors and management team, working together to strengthen its position as Nigeria’s top power generation company.
