Nigeria’s first listed power generation company, Geregu Power Plant, gained N50 billion four trading days after listing on the Nigerian Exchange Ltd.
On Wednesday, October 6, 2022, Geregu became the first GenCo to be admitted into the NGX Motherboard by way of IPO.
The company’s 2.5 billion ordinary shares of 50 kobo each at 100 naira per share have been listed on the stock exchange.
On the first day of trading, GEREGU shares rose 10% to close at N110 per share from the quoted N100 per share.
The gain on the day pushed GenCo’s market capitalization to 275 billion naira from the listed 250 billion naira.
A total of 8.5 million shares of GEREGU worth N935 million were traded in one day during its listing.
GenCo is now worth N300 billion as of October 12, according to analysis conducted by THE WHISTLER.
GenCo’s new height hinges on its shares growing to N120 after four trading days.
The outstanding shares of the company are 2.5 billion.
Nigerian billionaire businessman, Femi Otedola sits on the board of GEREGU as executive chairman.
The power station was constructed and commissioned by the Federal Government on February 16, 2007. It was one of the companies spun off from the defunct Power Holding Company of Nigeria.
Otedola joined the company in 2013.
Geregu is now owned and operated by Amperion Power Distribution Company Limited which has an 80% interest and 20% owned by FG (jointly owned by Bureau of Public Enterprise and Ministry of Finance Incorporated).
The Calvados holding company owned by Otedola owns 95% of Amperion Power while Shanghai Power owns 5%.