ABUJA (Reuters) - The Nigerian Exchange Group quoted 1.9 billion shares on the over-the-counter market NASD on Wednesday at 25 naira each, giving it a valuation of 47.5 billion naira ($125 million), exchange data showed.
The listing makes the Nigerian bourse Africa’s second to be listed after the Johannesburg Stock Exchange.
It began changing its ownership structure from a mutual company of stockbrokers in 2017, adding new shareholders in a process known as “demutualisation”.
It then re-registered as a profit-making entity, owned by shareholders, called the Nigerian Exchange Group Plc, after being a not-for-profit entity.
Shares of the stock exchange company fell to 23.89 naira on Friday after the listing, exchange data showed.
The exchange, the second biggest in sub-Saharan Africa and one of the main entry points to invest on the continent, has around 200 listed companies, all included in its benchmark share index.
The group - made up of Nigerian Exchange, NGX Regulation and NGX Real Estate - received approval for the listing last month. It has said stockbrokers will hold 78% of the shares and that it will not be raising new cash from the listing.
Nigerian stocks are down 4.2% this year after rising 50% in 2020 as the world’s best performing market.
($1 = 381.00 naira)
Additional reporting by Camillus Eboh; editing by Jason Neely
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