By Dipo Olowookere
The latest company joining the Nigerian Stock Exchange (NSE), Skyway Aviation Handling Company (SAHCOL) Plc, has commenced its Initial Public Offering (IPO) by way of an offer for sale of 406,074,000 ordinary shares.
A notice released by the NSE and signed by its Head of Listings Regulation Department, Mr Godstime Iwenekhai, disclosed that the exercise kicked off on Monday, November 12, 2018 and will close on Wednesday, December 19, 2018.
During the IPO, SAHCOL will be selling its stocks to investors at N4.65k per share, hoping to rake a total of N1.89 billion from the exercise.
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.
Already, some market observers are tipping SAHCOL to give the Nigerian Aviation Handling Company (NAHCO) Plc a tough competition in the market.
NAHCO is listed on the stock exchange and at the close of transactions on Tuesday, was trading at N3.63k per share.
Adedapo Adesanya