Equity: Transcorp Power market cap hits N2.2 trillion as demand skyrockets

A day following their debut on the NGX board, newly listed Transcorp Power shares, with over 16.9 million shares fully bid and zero offers, started trading. The market opens at 10.30 am, and this is as of 10.40 am.

Nonetheless, when the midday trading window drew near, 58 million units were sold at a share price of N294.4. Transcorp Power now has a formal market valuation of N2.2 trillion.

The demand for the new electricity firm is demonstrated by this development, as it ended trading on Monday with a 10% boost, bringing its market capitalization closer 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.

Read Also: Transcorp Power lists on NGX main board

Transcorp has a total outstanding shares of 7.5 billion units.

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.