Transcorp Power Plc, on Monday traded over N10 billion worth of shares on the first day of its listing by introduction on the Main Board of the Nigerian Exchange. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share.
Investors exchanged 40 million units of Transcorp Power Plc shares worth N10.56bn at the close of trading, as the shares recorded a 10% gain, to close at N264 per share.
Transcorp Power, which becomes the second Power company listed on the exchange following Geregu Power Plc, has set a target of N500 billion annual revenue growth by 2031.
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The leading power generation company’s listing boosts the overall NGX market capitalization by N1.8 trillion, just as its shares rose by 10% on the first trading day.
Following its listing on NGX, the company made its Facts Behind the Listing presentation and showcased its performance and strategy to stakeholders.
Speaking during the event, the Chief Executive Officer of Transcorp Power, Mr Peter Ikenga said that the company had witnessed transformation in its ownership, through the takeover of a government-owned asset into a leading private sector led organization. He stated that Transcorp Power presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth.
He explained that the firm has 18 gas turbines of different capacities. “Through effective maintenance and upgrading programmes, Transcorp Power has continued to ensure optimal performance of its turbines, irrespective of the section of the Plant in which they are located.
“Whilst installed capacity has remained same in the past few years, Transcorp Power has been able to steadily improve on its capacity utilization rate. In 2023, the Company’s utilization rate stood at 78 per cent.”
He said the company has witnessed transformation in its ownership, through the takeover of a government-owned asset into a leading private sector led organization.
He stated that Transcorp Power presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth.
“Our target is to be the leading power company with an annual revenue in the excess of N500 billion by 2031,” he said.
The Group Chairman, Nigerian Exchange Group, Alhaji Dr. Umaru Kwairanga commended the listing of 7.5 billion ordinary shares of Transcorp Power on the Main Board of NGX, saying the listing was a testament to the resilience, innovation, and excellence within Nigeria’s power sector.
He added that it also underscores NGX’s pivotal role in driving economic growth and development in our nation, saying “we as an Exchange are determined to ensure that all sectors of Nigeria’s economy are fully represented on NGX and that the transparency, sustainability, ethical values, and private sector dynamism that drives the Exchange drives the economy.”
Kwairanga further said “with a market capitalization exceeding N1 trillion, Transcorp Power’s entry into the public market represents a significant milestone, highlighting the increasing confidence and maturity of our capital market.
“It is a clear signal of the transformative journey our energy sector has embarked upon, thanks to the Electric Power Sector Reform Act and subsequent market liberalization.”
The acting CEO of NGX, Jude Chiemeka stated that with Transcorp Power boasting a remarkable market capitalization of over N1 trillion, marking the first listing of the year, underscored the pivotal role NGX plays in shaping Nigeria’s economic landscape.
He added that NGX is not just a platform for trading stocks; “it is a catalyst for economic growth and development, and we recognize our responsibility in supporting the government’s privatization efforts, particularly within the energy sector.
“The listing of Transcorp Power exemplifies our belief that NGX serves as a viable platform for the privatization of energy companies, driving efficiency, innovation, and sectoral growth,” he said.
Also, the Chief Finance Officer of Transcorp Power, Evans Okpogoro added that The Company’s revenue has grown impressively over the past five years, driven by a surge in energy delivery and capacity charge, coupled with the lucrative expansion into international markets.
Okpogoro explained that the Company has sustained and grown its EBITDA margins, thereby strengthening its pedigree as one of the leading power generation companies in Nigeria.
