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Nigerian Exchange Group valued at $85 million after Lagos listing

10/16/2021 | 02:58am EST

ABUJA (Reuters) - The Nigerian Exchange Group achieved a 34.86 billion naira ($85 mln) valuation on Friday after a stock market listing in Lagos, joining Johannesburg and Nairobi bourses whose shares are publicly tradable.

The group, which is majority owned by stockbrokers and comprises the Nigerian Exchange, NGX Regulation and NGX Real Estate, climbed 10% from its listing price of 16.15 naira each after the float went live.

The NGX group listed 1.96 billion shares on the local bourse on Friday, paving the way to broaden its ownership and diversify its shareholder base.

The exchange has said stockbrokers will hold 78% of the shares and that it will not be raising new cash from the stock market listing.

In April, shares of NGX group had been quoted for trading on the over-the-counter market NASD at 25 naira each, following investors' quest for liquidity, giving it a valuation of 47.5 billion naira.

But the bourse said it had not listed on the NASD OTC market, and that it will pursue a listing on the exchange at a later date. However, the shares were delisted ahead of the listing on the stock exchange.

The Nigerian Exchange, the second-biggest in sub-Saharan Africa and one of the main entry points to invest on the continent, has around 200 listed companies, all included in its benchmark share index.

Nigerian stocks are up 2.13% this year after rising 50% in 2020 as one of the world's best performing markets.

Rand Merchant Bank and Chapel Hill Denham managed Friday's listing.

($1 = 409.91 naira)

(Reporting by Chijioke Ohuocha, editing by Louise Heavens)

By Chijioke Ohuocha

© Reuters 2021
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