Newly listed Transcorp Power shares commenced trading a day after their debut on the NGX board, featuring over 16.9 million shares fully bid with zero offers. This is as of 10.40 am, market opens at 10.30 am.
However, as we approached mid-day trading volumes of trade of about 58 million units were sold at a share price of N294.4 per share. This officially gives Transcorp Power a market valuation of N2.2 trillion.
This development underscores the demand for the new power company, which concluded trading on Monday with a 10% increase, bringing its market valuation nearer to N2 trillion.
Checks from Nairametrics indicate trades have now picked up with over 58 million shares trading at a share price of N290.4 representing a 10% gain for the second day running. Over 12 million shares remain on bid.
Transcorp has a total outstanding shares of 7.5 billion units.
Recommended reading: Transcorp Power Plc lists on NGX main board
Full bid experienced
The stock opened trading with tens of millions of bids with no offer insight highlighting the skyrocketing demand for the newly listed stock.
At the fact behind the listing presentation on Monday, company MD/CEO Peter Ikenga promised more shares would be available for investors to purchase on Tuesday.
The highest bid price was approximately N294 per share, indicating that the stock is likely to close with another 10% gain.
Its parent company, Transcorp Group, also experienced significant interest, recording over 176 million shares fully bid with no offers, as investors recognized an opportunity in what they perceived as an undervalued company.
Note: This story has been updated to reflect new information.
