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Skyway Aviation Hopes to Rake N1.9b from IPO

By Dipo Olowookere

The management of Skyway Aviation Handling Company (SAHCOL) Plc is expecting to realise not less than N1.89 billion from its Initial Public Offering (IPO).

Recall that on Monday, Business Post reported that the firm, owned by Nigerian businessman known as Mr Taiwo Afolabi of Sifax Group, received regulatory approval to list its shares on the Nigerian Stock Exchange (NSE).

SAHCOL is planning to sell to the investing public a total of 406,074,000 ordinary shares of 50 kobo each at N4.65k per share.

It was gathered that the company is hoping to receive subscriptions from institutional investors, retail investors, local investors as well as foreign investors.

Business Post reports that Lagos-based Vetiva Capital Management Limited and Cordros Capital Limited are acting as financial advisers to the deal.

In addition, Sigma Securities Limited, Apel Asset Limited, APT Securities and Funds Limited, City-Code Trust & Investment Company Limited, Dynamic Portfolio Limited, Fortress Capital Limited, Planet Capital Limited, Pilot Securities Limited, and Vetiva Securities Limited are the appointed stockbrokers for the exercise.

One of the competitors of SAHCOL, the Nigerian Aviation Handling Company (NAHCO) Plc is already trading its shares on the stock market.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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