GTCO to raise N160bn from London Stock Exchange equity listing

Guaranty Trust Holding Company Plc (GTCO) has successfully priced its fully marketed offering on the London Stock Exchange (LSE).

The GTCO said it issued approximately 2.29 billion new ordinary shares at N70 per share ($0.0459), expecting to raise gross proceeds of N160.3 billion ($105 million).

The announcement was made in a statement signed by Erhi Obebeduo, group general counsel and company secretary, released via the Nigeria Stock Exchange (NGX) on Friday.

On Thursday, the company said it will cancel the listing of its global depositary receipts (GDRs) on the LSE by July 31 and replace them with its ordinary shares.

“Following the Company’s announcement on 2 July 2025, Guaranty Trust Holding Company PIc (“GTCO” or the “Company” and, together with its subsidiaries, the “Group”) today announces the successful pricing of its fully marketed offering on the London Stock Exchange (the “Offering”),” the statement reads.

“A total of approximately 2.29 billion new ordinary shares in the Company will be issued in US dollars at a reference price of 70.00 Naira per share ($0.0459) (the “Offering Price”), raising gross proceeds of $105 million.

“Concurrently with the Offering announcement, the Company also gave notice of its intention to cancel the listing of its existing GDRs on the certificates representing certain securities (depositary receipts) category of the Official List of the United Kingdom Financial Conduct Authority (“FCA”) and (ii) the admission to trading of GDRs on the London Stock Exchange’s main market for listed securities.

“In place of the GDR listing, the Company intends for all of the ordinary shares of the Company (the “Shares”) to be admitted to the equity shares (international commercial companies secondary listing) category of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange (together, “Admission”).

“The Offering is conditional upon, amongst other things, Admission becoming effective and upon the Underwriting Agreement not being terminated in accordance with its terms.

“The Company is not making any arrangements for dealing prior to Admission in respect of the Shares being issued in connection with the Offering.

“It is expected that Admission and unconditional dealing in the Shares will become effective on or before 8.00 a.m. (UK time) on 9 July 2025 under the ticker “GTHC”.”

According to the statement, the company intends to change the ticker symbol for the shares from “GTHC” to “GTCO”, following the cancellation of the GDRs listing.

The organisation said a separate announcement will be issued in due course to that effect.

“Immediately following Admission, the Company’s issued share capital will be 36,425,229,514 Shares. The number of Shares in public hands will be 36,386,972,252 Shares or approximately 99.9% of the Company’s issued share capital.”

The company reiterated that the cancellation of the GDR listing is expected to take effect no later than July 31, with full details of the offering and admission to be included in the “prospectus expected to be published via its website on Saturday”.

GTCO said Citigroup Global Markets Limited acted as sole global coordinator and sole book-runner in connection with the offering.