Institutional Investors Jostle To Acquire 116.6 Million Shares In Newly Listed Transcorp Power Company

Investors have been rushing to acquire the shares of the newly listed power company on the Nigerian Exchange Ltd, Transcorp Power.

Three companies, Transnational Corporation Plc, Rich Point Limited and HH Capital Limited acquired a total of 116,586,240 valued at N32.8bn.

Transcorp Power is selling the shares to provide liquidity for the listing by introduction, THE WHISTLER can report.

Transcorp Power’s 7,500,000,000 Shares were admitted on the NGX at a share price of N240 per share on Monday. The company generates nearly 700 Megawatts of power.

Between Monday and Wednesday, March 6, 2024, Transcorp Power shares jumped to N319.4 from N240 listing price.

The company’s market capitalisation hit N2.39tn from N1.8tn capitalisation on listing day, making it the 7th most capitalized company on the NGX.

At the listing on Monday, Transnational Corporation Plc purchased 40,000,000 shares at a price of N264 per share which is an equivalent of N10.56bn.

On the next trading day, the group acquired another 2,972,933 shares at a unit price of N290 worth a total of N862,150,570.

Transcorp which is the parent company of the newly listed power company spent N11.422bn to purchase its subsidiary’s shares.

Another insider, Rich Point Limited acquired 73,052,664 shares at N290.40 per share on the second day of listing, which is March 5, 2024.

In aggregate, Rich Point Ltd spent N21.214 to acquire the shares of Transcorp Power.

Another insider company that picked up an interest in acquiring the shares of Transcorp Power was HH Capital Limited.

HH Capital Ltd is a Company founded by the Board Chairman of UBA Plc and Transcorp Group.

According to records seen by THE WHISTLER, HH Capital acquired 560,643 shares at N290.40 per share. The company paid N162.81m for the shares.

Transcorp Power is nearly as capitalised as Geregu Power Plc which has a market capitalisation of N2.5trn as of Wednesday, March 6, 2024.