Geregu Power Plc, owned by billionaire, Femi Otedola, is set to go public this week, easing the path of the company to raising capital, according to a regulatory filing.
The listing in Lagos on Wednesday will enable Geregu Power entry to the Nigerian Exchange’s (NGX) main board with 2.5 billion shares of N100 per unit by way of introduction, the company has scaled regulators’ hurdle.
It suggests the corporation’s market value at listing will total N250 billion.
according to NGX CEO Temi Popoola said in a letter to the company, “We look forward to hosting you at the Exchange on October 25th or 26th 20222 for a closing gong ceremony to commemorate the listing”.
The move makes Geregu Power the first power company in Africa’s largest economy to attain listing status even though Tony Elumelu-backed Transcorp Nigeria, already listed on the NGX, has power as one of its key focus areas but not as a separate listing.