Transcorp Power Plc has been listed on the Nigeria Exchange Limited more than four years ahead of the projection of the chairman of the board of directors of its parent company, Tony Elumelu.
On Monday, Transcorp Power listed by introduction 7.5 billion ordinary shares of 50 kobo each at N240 per share.
The listing of the power firm’s shares will add about N1.8tn to the market capitalisation of the local bourse.
Elumelu, the chairman of indigenous conglomerate, Transnational Corporation Plc, the parent company of Transcorp Power, had in April 2023 affirmed plans to list Transcorp Power within five years, provided transmission lines and gas supply to the power sector improve significantly.
He said, “We are looking at about five years from now to list Transcorp Power because we believe the transmission lines would have been fixed and the gas supply to the power sector would have improved significantly.”
Speaking during the closing-gong ceremony to commemorate the listing, Elumelu said that the firm was out to improve the lives of people by boosting access to electricity.
“Today, we supply electricity to millions of Nigeria and we support ECOWAS through the West African Power Pool. We can do more and that is why we have come to the capital market,” he stated.
The chairman of the NGX Group, Dr Umaru Kwairanga, expressed delight at the listing, saying it would boost the market cap.
He encouraged other energy companies to follow suit and list on the exchange.
At the Facts Behind the Listing presentation, the Managing Director/CEO of Transcorp Power, Peter Ikenga, projected an annual revenue of over N500bn by 2031 as its 2023 revenue stood at N142.1bn.
The listing of Transcorp Power will also provide competition for Geregu Power, which is majority-owned by billionaire businessman, Femi Otedola.
It was listed on the NGX in 2022 and its market capitalisation as of Friday stood at N2.44tn with its shares priced at N977.
In 2023, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring by the Bureau of Public Enterprise having satisfied the requirements of the post-acquisition plan compliance.
Transcorp Power is a single cycle 972MW installed capacity power generating plant located in Ughelli, Delta State. It is the largest gas-fired power-generating station in the country.
