Transcorp Power PLC, the power generation subsidiary of Transnational Corporation of Nigeria (Transcorp), achieved a remarkable 10% increase in market value on its debut on the Nigerian Stock Exchange (NGX).
The company’s shares closed at a cumulative value of N1.98 trillion, up from N1.8 trillion at the beginning of trade.
Transcorp Power listed 7.5 billion shares at N250 per unit on the NGX’s main board, the segment reserved for companies meeting high disclosure and corporate governance standards.
The listing involved the introduction of existing shareholders’ shares, with 40 million shares exchanging hands on the first day of trading.
Tony Elumelu, Chairman of Transcorp, emphasized the company’s commitment to democratizing wealth and prosperity, stating that additional shares would be made available to the public.
Transcorp Power’s listing follows the precedent set by Transcorp Hotels, another subsidiary of the conglomerate, which gained public company status and was listed on the NGX nine years ago.
The power generation company operates the Ughelli Power Plant in Delta State, boasting an installed capacity of 972 MW, contributing to the firm’s total installed capacity of 2000 MW.
Elumelu noted that Transcorp Power aims to achieve revenue exceeding N500 billion by 2031.
CEO Peter Ikenga highlighted the company’s notable achievements, including being the only successor Generation Company (Genco) post-privatization fully discharged from post-privatization monitoring by the Federal Government.
”Additionally, Transcorp Power’s induction into the West African Power Pool in 2018 has facilitated cross-border electricity trading, with 18% of its income derived from such transactions.
”Transcorp Power’s successful debut reflects investor confidence and interest in the power generation sector, contributing to the growth and development of Nigeria’s energy industry,” Ikenga said.
