Vetiva Advisory Services Limited, a subsidiary of Vetiva Capital Management Limited participated as Financial Adviser in the listing of Transcorp Power Plc on the main board of the Nigerian Exchange Limited (NGX).
Transcorp Power listed its 7.5 billion ordinary shares on the NGX at a share price of N240 per share and a market capitalisation of N1.8 trillion, making the Company a top-10 stock on the NGX by market capitalisation.
Commenting on the transaction, Chuka Eseka, GMD/CEO, Vetiva Capital Management Limited said “we have witnessed the listing of a N1.8trillion company on the NGX – an event that doesn’t happen very often.
“The listing of Transcorp Power ’s shares by introduction on the NGX represents a significant milestone for Nigeria’s Power sector as well as the capital markets.
“The Company’s listing further deepens the capital markets, particularly the Electric Power Generation sub-sector. This listing strengthens the foundation that the Company has laid in the last decade since privatization, and offers the investing public an avenue to be part of the Company’s growth story”.
He further noted that “Vetiva Advisory Services Limited (a subsidiary of Vetiva Capital Management Limited) is deeply honoured to have acted as Joint Financial Adviser on this landmark Transaction, which coincidentally happens to be the 1st listing on the NGX this year”.
Commenting on the listing as well, Olutade Olaegbe, Managing Director, Vetiva Advisory Services Limited said, “We are extremely delighted to have played an important role in working with the Company to achieve this significant feat.
“The Transcorp Power story is nothing short of remarkable, and it provides a solid platform for members of the investing public to gain exposure to the Power sector – which is a critical ingredient for economic growth.
“We join our voices with the other transaction advisers to congratulate the Board and Management of Transcorp Power as well as Transcorp Plc on this momentous deal, and look forward to working with the Company on future initiatives,” Olaegbe said.
