LISTING OF NGX GROUP PLC ON NGX

Written by on October 16, 2021

A red-letter day for the Nigerian Exchange Group (NGX), as shares of the entity are set to be listed on the main board of the NGX. This would be the last major step of the demutualization process, a process that has been in play for the best part of the last decade.

How it traded on NASD?
The shares of the entity were listed on April 13th 2021 on the NASD OTC platform at N25 per share. It traded as high as N30 but eventually succumbed to selling pressure to tick c. N13 levels. Trading of the shares on NASD was later suspended in preparation for its debut listing on the NGX.

NGX Listing.
The firm was listed by the introduction on friday 14th of October on the main board of the NGX, where it is expected to trade with the ticker ‘’NGXGROUP’’
Shares Outstanding: 1,964,115,918 units
Listing price: N16.15
Market cap: c. N31.7bn
Listing Board: Main Board
The shares started trading late in the day.

What Next?
We expect to see improved retail, domestic and foreign institutional participation in the stock, though, with just 1.9bn units listed, mostly held by institutions, one might expect some sort of illiquidity in the near term.

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