GTCO Holdings will sell 2.29 billion newly issued shares at a reference price of N70 per share on the London Stock Exchange. The equity offering is part of the run-up to the company’s listing on the London Stock Exchange, which is scheduled for July 9.
According to a corporate disclosure on the Nigerian Exchange website, GTCO looks to raise $105 million from the offering. After the conclusion of the equity offering, GTCO’s minimum paid-up share capital is expected to go up to about N508 billion, thus exceeding the regulatory minimum paid-up share capital. The group’s outstanding shares will hit 36.427 billion shares, and at the current share price, the market capitalization will cross the N3 trillion mark.
The pricing of the equity was done after the accelerated bookbuilding, which started on July 2 and concluded on July 3.
