Transcorp Power is poised to debut on the Nigerian Exchange Limited (NGX), boasting a market capitalization of N1.8 trillion.
As a member of the Transcorp Group, alongside Transcorp Hotel, which is listed as a separate entity, Transcorp Power aims to offer 7.5 billion ordinary shares, each priced at 50 kobo, at a listing price of N240.00 per share.
The listing ceremony is scheduled to take place on March 4th at the premises of the Nigerian Exchange Limited.
In a statement obtained by Nairametrics, it was revealed that this move aligns with the earlier plans discussed by Transcorp Chairman Elumelu in April 2023. Elumelu had indicated intentions to list Transcorp Power as a separate entity within five years.
Elumelu clarified that while a spin-off was under consideration, the conglomerate remained committed to long-term growth and value creation in the power sector. He cited the need for transmission lines and gas supply improvements to the power sector before proceeding with the spin-off.
With an anticipated valuation of N1.8 trillion, Transcorp Power will become the second most valuable power company on the exchange, joining the SWOOTs (Stocks Worth Over One Trillion Naira). Geregu Power currently holds the title of the most valuable power company, with a market capitalization of N2.4 trillion.
