GTCO Raises the Bar: $105 Million Share Offering on London Stock Exchange

Guaranty Trust Holding Company Plc (GTCO) is set to make a notable impact in the financial sector with its forthcoming listing on the London Stock Exchange (LSE). The firm aims to generate $105 million through an equity offering, surpassing its original goal of $100 million. This event signifies a crucial juncture in GTCO’s development narrative, solidifying its status as an innovative African financial services entity.

Accelerated Bookbuilding Process

The equity offering, which began on July 2 and wrapped up on July 3, experienced robust demand for GTCO’s shares. The company intends to issue 2.29 billion new shares at a reference price of N70 each. This accelerated bookbuilding process enabled GTCO to swiftly raise capital by selling shares to institutional investors, bypassing the conventional roadshows and protracted marketing strategies. This method is a rapid approach utilized by companies to secure funding, typically within a span of 24 to 48 hours.

GTCO’s choice to implement the accelerated bookbuilding process illustrates its strategic methodology in capital acquisition. By utilizing this approach, the company can promptly react to market opportunities and obtain financing from institutional investors. The substantial interest in GTCO’s shares, with bids totaling $105 million, highlights the trust investors place in the company’s growth potential.

Implications of the Listing

The successful listing on the LSE will carry considerable consequences for GTCO. The total number of outstanding shares is anticipated to reach 36.427 billion, and its market capitalization is projected to exceed the N3 trillion threshold. Following the completion of the equity offering, GTCO’s minimum paid-up share capital is expected to surpass the regulatory minimum, approaching approximately N508 billion.

The Global Depositary Receipts (GDRs) of the group will be removed from the main market of the LSE, and the company will instead seek a direct listing of all its ordinary shares on the exchange. The shares are set to be officially admitted for trading on both the Nigerian Exchange (NGX) and the LSE on July 31. This development represents a significant achievement for GTCO, as it becomes the first Nigerian bank to shift from Global Depositary Receipts to a complete equity listing on the LSE.

The admission of GTCO’s ordinary shares to the LSE is planned for 8:00 a.m. on July 9, 2025. Subsequently, the company’s GDRs will be cancelled by July 31, 2025, and the ticker symbol for the shares will change from “GTHC” to “GTCO”.

With its listing on the LSE, GTCO is set to enhance its standing in the financial services sector. The company’s growth potential and strategic approach to capital acquisition are anticipated to foster further development and expansion. As the company looks ahead, its listing on the LSE will facilitate access to new capital and improve its global visibility.