- The Nigerian Exchange Limited approved the listing of Geregu Power Plc on the main board of the Exchange on Wednesday
- Geregu Power is the first Nigerian power company to list on the Nigerian Exchange Limited
- Hours after listing Otedola's power company at the close of trading gained 10 per cent in value
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The strong interest shown by Nigerian stock investors in Femi Otedola's Geregu Power has helped lift the company's share price from N100 to N120 on Thursday morning, barely hours after it was listed.
The interest was buoyed by the fact that Geregu is the first power company to list on the Nigerian exchange and positive feelings from analysts.
Legit.ng had earlier reported that a total of 2.5 billion ordinary shares of Geregu were put up for sales at N100 per share.
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Where to buy Geregu shares
The stockbrokers lined up for the share sale are: Vetiva Securities, Limited; Apel Asset and Trust Limited; APT Securities and Funds Limited; and Cordros Securities Limited.
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Others are Crossworld Securities Limited, Dynamic Portfolios Limited, Signet Investment and Securities Limited, and TRW Stockbrokers Limited.
Vetiva Capital Management Limited; and Kairos Capital Limited are the Issuing House(s)/Financial Adviser(s).
Geregu power shareholders pocket millions in hours
At the end of trading on Wednesday, Geregu's share price increased to an average price of N110 per share from the N100 opening price.
Furthermore, the company's market capitalization jumped, from N250 billion, to N275 billion at the end of the day.
This implies that the stock gained a maximum of 10% or N25 billion after the first day of trading.
Dangote, Rabiu companies dominate the list of most valuable manufacturing companies
Legit.ng had earlier reported that Dangote cement and BUA cement are Nigeria's two most valuable listed manufacturing companies.
BUA foods, another company, owned by Abdulsamad, sat in the third position, while Nestle Nigeria completed the list of top four valuable manufacturing companies.
The ranking of the banks is according to data from the Nigerian Exchange Group (NGX).