Yesterday marked a momentous occasion for Transcorp Power Plc as it commenced trading on the Main Board of the Nigerian Exchange. With an impressive debut, the company saw a staggering turnover of over N10 billion, reflecting the market’s enthusiasm for its shares.
The listing saw 7.5 billion ordinary shares, each valued at N240.00, making their debut, a move that garnered significant attention from investors.
Notably, investors engaged in brisk activity, exchanging 40 million units of Transcorp Power Plc shares, totaling N10.56 billion by the close of trading. The shares exhibited strong performance, registering a notable 10% gain and closing at N264 per share.
Transcorp Power’s listing signifies a landmark moment in the Nigerian energy landscape, as it becomes the second power company to be listed on the exchange, following Geregu Power Plc. The company sets ambitious goals, aiming for a staggering N500 billion annual revenue growth by 2031.
During the Facts Behind the Listing event, Mr. Peter Ikenga, the Managing Director of Transcorp Power, emphasized the company’s evolution from a government-owned entity to a leading private sector organization. He underscored Transcorp Power’s pivotal role in Nigeria’s power generation sub-sector, crucial for the nation’s economic advancement.
“Our objective is to emerge as the premier power company, with annual revenues surpassing N500 billion by 2031,” Ikenga affirmed.
Highlighting the company’s infrastructure, Ikenga detailed Transcorp Power’s impressive array of assets, including 18 gas turbines of varying capacities, strategically divided into three main sections: Delta II, Delta III, and Delta IV.
Furthermore, Evans Okpogoro, the Chief Finance Officer of Transcorp Power, noted the remarkable revenue growth witnessed over the past five years. This growth trajectory is attributed to increased energy delivery, capacity charge, and successful expansion into international markets.
The listing of Transcorp Power’s 7.5 billion shares is not merely a financial event but a testament to the resilience and innovation prevalent within Nigeria’s power sector. Dr. Umaru Kwairanga, Chairman of NGX Group, emphasized the significance of this listing in driving economic growth and development in Nigeria.
Jude Chiemeka, the acting CEO of NGX, reiterated the exchange’s commitment to supporting government privatization efforts, particularly within the energy sector. He emphasized NGX’s role as a catalyst for economic development and innovation, which is evident in the listing of Transcorp Power.
