Transcorp Power, the recently listed power company on the NGX board, commenced trading with a remarkable surge in demand, as over 16.9 million shares were fully bid with zero offers. This significant interest in the company’s shares comes just a day after its debut on the stock exchange.
As of 10:40 am, barely ten minutes after the market opened, the demand for Transcorp Power shares was evident, reflecting investor enthusiasm for the new entrant in the market. This strong demand underscores the perceived value and potential of the power company, which concluded its first day of trading with a notable 10% increase, bringing its market valuation closer to N2 trillion.
During the fact behind the listing presentation on Monday, Peter Ikenga, the Managing Director and CEO of Transcorp Power, assured investors that more shares would be made available for purchase on Tuesday. This commitment further fueled investor interest in the company’s shares.
The highest bid price observed for Transcorp Power shares was approximately N294 per share, indicating optimism among investors that the stock is poised for another 10% gain by the close of trading.
Additionally, Transcorp Group, the parent company of Transcorp Power, also experienced significant interest in its shares, with over 176 million shares fully bid and no offers recorded. This heightened investor activity reflects a broader recognition of the value proposition offered by the Transcorp Group and its subsidiaries.
Overall, the strong demand for Transcorp Power shares, coupled with the interest in Transcorp Group shares, signals positive sentiment among investors and highlights the potential for growth and value creation within the company’s operations.
