The latest listed stock on the Nigerian Exchange (NGX), Geregu Power Plc gained 10% on the first day of trading closing the day at N110 per share.
A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utilities sector and Electric Power Generation sub-sector of NGX.
Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments.
The listing of Geregu’s shares has added N250 billion to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
According to trading data seen by Nairametrics about 8.5 million shares of the company as traded at an average price of N110 per share helping the share price to gain 10% on the first day of trading.
The shares was listed at N100 per share upon listing.
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