AGS NEWS – Transcorp Power Plc, the power generation subsidiary of Transnational Corporation of Nigeria (Transcorp), saw a 10% increase in its market value during its debut on the Lagos Stock Exchange on Monday.

At the close of trading, the company’s shares were valued at a total of N1.98 trillion, up from N1.8 trillion at the start of the trading session.

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The power utility listed 7.5 billion shares at N250 per unit on the Nigerian Stock Exchange’s main board, which is reserved for companies that adhere to high standards of disclosure and corporate governance.

A total of 40 million shares were traded on Transcorp Power’s first day, with the shares being quoted by introduction, indicating that they belong to existing shareholders of the company.

Transcorp’s chairman, Tony Elumelu, emphasized the company’s commitment to democratizing wealth and prosperity, announcing plans to make more shares available for trading starting the next day.

Transcorp Power is the second subsidiary of the Transcorp conglomerate to be listed as a separate entity, following the listing of Transcorp Hotels nine years ago.

The listing of Transcorp Power comes after the successful listing of rival Geregu Power, which is currently valued at N2.5 trillion in market capitalization, despite being listed at N250 billion.

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CEO Peter Ikenga highlighted the company’s achievements, including being fully discharged from post-privatization monitoring by the Federal Government and its induction into the West African power pool in 2018, which enabled cross-border electricity trading.

Transcorp Power aims to achieve revenue exceeding N500 billion by 2031. The company operates the Ughelli Power Plant in Delta State, with an installed capacity of 972 MW, contributing to its total installed capacity of 2000 MW.