The NASD OTC Exchange Plc has strengthened its market position with the listing of 15,255,079,725 shares of Infrastructure Credit Guarantee Company (InfraCredit) at N2.43 per share.
The listing, valued at N37 billion, has pushed the exchange’s total market capitalisation to N1.95 trillion.
The move underscores NASD’s commitment to providing a platform for companies to access capital, increase liquidity and enhance their visibility.
The listing of InfraCredit, a Triple-A-rated company promoted by the Nigeria Sovereign Investment Authority (NSIA) and GuarantCo, is expected to significantly impact both the market and investors.
Welcoming InfraCredit to the platform, NASD’s Chief Executive Officer, Eguarekhide Longe, emphasised the exchange’s ability to attract top-tier companies and provide a good environment for business growth.
He highlighted NASD’s role in fostering innovation through technology, exploring alternative financing structures, and demystifying the capital market to make it more accessible to entrepreneurs.
InfraCredit’s presence on NASD offers investors an opportunity to participate in a company that plays a crucial role in developing Nigeria’s infrastructure sector.
The firm provides credit guarantees to unlock long-term financing for projects spanning agriculture, steel, renewable energy, housing, entertainment and solid minerals. Longe expressed optimism about the listing, stating that it opens new possibilities for InfraCredit, NASD and the Nigerian capital market.
The listing also aligns with InfraCredit’s strategy to expand its footprint in the domestic capital market while enhancing its capital base with support from both foreign and local investors. Market analysts noted that this development provides investors with greater diversification opportunities, increased liquidity and enhanced flexibility in trading InfraCredit shares.
“At NASD, we foster innovation through technology, creativity through exploring alternative financing structures, efficiency through running a largely digital operation that provides cost advantages to enterprises seeking listing opportunities, and approachability that demystifies the myth of ‘glossy glass buildings’ and ‘expensive suits’ that capital markets are renowned for that mentally debars budding entrepreneurs from exploring capital raise opportunities therein,” he said.
As NASD continues to evolve, it serves as a bridge between the Nigerian capital market and the domestic economy, which currently holds only about 17 per cent of the nation’s Gross Domestic Product (GDP). In contrast, South Africa’s capital market represents approximately 333 per cent of its GDP. The successful listing of InfraCredit reinforces NASD’s growing reputation as a preferred platform for companies seeking capital, signalling further growth for Nigeria’s capital markets.
