The Nigerian Exchange (NGX) saw a boost on March 4 following the listing of Transcorp Power and 22 other companies.

Transcorp, one of Nigeria’s leading power generation companies, listed 7.5bn shares at NGN240 ($0.16) per share, amounting to NGN1.80 trillion ($1.17bn) on the main board of the NGX.

According to CEO Peter Ikenga, the company chose to list as a way to diversify the company's shareholder base and facilitate access to additional capital-raising options.

At the end of the day, Transcorp closed at NGN264 ($0.17), bringing its market cap to NGN1.98 trillion ($1.29bn).

Following its listing, the company made its Facts Behind the Listing presentation and showcased its performance and strategy to stakeholders.

Speaking during the event, CEO Peter Ikenga said that the company had witnessed a transformation in its ownership, through the takeover of a government-owned asset into a leading private sector-led organisation.

He said Transcorp presents a unique opportunity in Nigeria’s power generation sub-sector, which is pivotal to the country’s economic growth, noting it 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 the 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%.”

With the listing, Transcorp joins Geregu Power as the only other listed power company on the NGX, and comfortably qualifies it to join the exclusive club of ‘SWOOTs’ – stocks worth over one trillion naira.

The positive momentum extended beyond Transcorp's listing, with surges being seen across the board.