Mecure Industries Plc Lists shares on the Growth Board of the Nigerian Exchange Limited (NGX)
4,000,000,000 Ordinary Shares of 50 Kobo each, priced at N2.96 a share, have been listed by Mecure Industries Plc on the Growth Board of the Nigerian Exchange Limited (NGX). This action raises the Nigerian stock exchange’s market value by N11.84 billion.
Mecure’s market capitalization reached N13 billion after the close of trading on the NGX floor on Wednesday, when its share price surged to N3.25 billion. Mecure engaged the market with a Facts Behind the Listing presentation at the Exchange Group House to commemorate the listing on NGX.
As he welcomed Mecure Industries to the Exchange, Mr. Temi Popoola, CEO of NGX, praised the company for its audacious and well-thought-out decision to list on the Growth Board, pointing out that this move provides the healthcare company with a means of raising and gaining access to additional financing. He stated, “Listing on the Exchange is a rather involved process that creates additional opportunities for developing businesses like Mecure to raise capital. Because it now has access to a wider range of investors, Mecure Industries Plc’s liquidity pool will grow as a result of its offering. For raising funds and facilitating sustainable growth for the advancement of the country, NGX continues to be the preferred platform. I applaud each and every party involved in the listing for their perseverance and work in carrying out the listing procedure.
Mecure Industries Chairman Samir Udani, for his part, expressed reaffirmed confidence in having a deserving partner to work with in carrying out the company’s expansion plans and encouraging more creative home-based manufacturing techniques that will ultimately contribute to economic prosperity. Speaking, he stated, “We take our responsibility as a listed company on the Nigerian Exchange very seriously. It is a significant milestone.” We are pleased to have a transparent and helpful Exchange on our side, which will only serve to spur us on to meet our growth goals for 2024 and 2025, when Mecure Industries is expected to raise an IPO and move from the Growth Board to the Main Board.
Co-CEO of Mecure Industries Dukor Anderline reaffirmed the company’s dedication to upholding international quality standards, saying, “Quality is built into all our products at every level.” We use locally produced goods in our operations without sacrificing quality, and we collaborate closely with the authorities to ensure that we are operating within the law. When combined, all of these have aided in our success,” she remarked.
In order to encourage businesses with strong development potential to take advantage of the chance to raise long-term capital and to encourage liquidity in share trading, the NGX development Board was announced in January 2020. Through corporate declarations, it makes capital movements more accessible and enhances worldwide visibility and trustworthiness. Reductions in post-listing responsibilities, faster approval processes, and quicker time to market are further advantages for companies listed on the Board.
