Investment company VFD Group, which this week quit the Lagos-based over-the-counter securities exchange NASD OTC after three years, was Friday admitted on the daily official list of the Nigerian Exchange Limited (NGX).
VFD Group is proprietary investment-focused, meaning it invests in target companies for direct market gain, unlike investment banks who invest on behalf of others.
In all, 190,027,365 shares at N245 per unit were listed on the Main Board of the exchange, equivalent to a market value of N46.6 billion.
Now worth over N200 billion in total assets, the company teed off operation in 2009 with N2.5 million in initial capital from a group of thirty five investors. Its investments span more than forty companies some of which are listed on the NGX.
VFD Group last year acquired a substantial stake in the NGX Group translating to 5.2 per cent of the bourse’s issued shares.
Listing on a standard exchange provides the company with a gateway to access more capital and more visibility to the investing public.
“We seek to raise almost immediately N12.5 billion via rights,” CEO Nonso Okpala said at the Facts Behind the Listing ceremony at the Nigerian Exchange building in Lagos.
READ ALSO: Investment company VFD Group set to raise N32.5 billion through equity, debt
That sum forms part of the N32.5 billion the company is on track to raise by way of equity and debt to buck up capital.
“This is a momentous occasion for VFD Group. Our journey from a boutique investment firm to a publicly traded company on the Nigerian Exchange reflects the dedication and hard work of our entire team. We are excited about this new chapter and the opportunities it brings to further strengthen our market position,” Mr Okpala further said.
“We are excited to join the distinguished ranks of companies listed on the Exchange, and we are confident that this step will provide us with the resources we need to continue our growth trajectory and serve our shareholders even better,” VFD Group Chair Olatunde Busari said.
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