Aradel Holdings Plc, an integrated energy company, has listed 4.34 billion shares on Nigerian Exchange Limited (NGX) Main Board on Monday, 14 October 2024.
The shares, listed at N702.69 per share through a “Listing by Introduction,” boosted the market capitalisation of NGX by N3.05 trillion, marking a significant milestone in the oil and gas sector’s participation in the stock market.
The listing offers investors the opportunity to engage with one of Nigeria’s most diversified energy companies, positioning it as a key entity on the Exchange.
In conjunction with the listing, was a Facts Behind the Listing event, during which senior executives presented the company’s growth strategy and financial performance to investors and stakeholders.
Temi Popoola, Group Managing Director and CEO of NGX Group, emphasised the broader significance of the listing. “The benefit of an equity market listing for the upstream sub-sector of the oil and gas industry is especially crucial in light of its dire capital requirements and chronic underinvestment. Aradel has come to the market at a critical time as this and we are confident that our infrastructure here at NGX, both market and technology, can unlock the capital flows needed to ensure the sector thrives.”
Jude Chiemeka, CEO of NGX, echoed similar sentiments, stressing the role of NGX in supporting corporate growth and innovation.
Speaking at the event, Ladi Jadesimi, Chairman of Aradel Holdings Plc, highlighted the company’s focus on innovation and sustainability, noting that Aradel is poised to expand its footprint in the renewables space while maintaining its leadership in the oil and gas sector.
