Mecure Industries Plc has listed 4,000,000,000 Ordinary Shares of 50 Kobo each at N2.96 per Share on the Growth Board of Nigerian Exchange Limited (NGX). This move adds N11.84 billion to the market capitalization of the Nigerian bourse.
At the end of trading on the floor of NGX on Wednesday, the share price of Mecure had risen to N3.25bn, bringing its market cap to N13bn. Commemorating the listing on NGX, Mecure engaged the market with a Facts Behind the Listing presentation at the Exchange Group House.
Welcoming Mecure Industries to the Exchange, the CEO NGX, Mr Temi Popoola commended the company for taking the bold and strategic step to list on the Growth Board, noting that the listing gives the healthcare firm an avenue to raise and unlock more capital. He said “Listing on the Exchange is a quite detailed process that opens up more avenues for growing companies like Mecure to raise funds. This listing will expand the liquidity pool for Mecure Industries Plc as it now has access to a broader base of investors. NGX remains a platform of choice for raising capital and enabling sustainable growth for national development. I commend all parties to the listing for their diligence and tenacity in executing the entire listing process”
On his part, the Chairman of Mecure Industries, Samir Udani expressed reinforced trust in having a worthy partner to align with in executing Mecure Industries’ expansion goals and promoting more innovative home based manufacturing processes ultimately adding to economic prosperity. Speaking, he said “Becoming a listed company on the Nigerian Exchange is a milestone that also comes with a huge responsibility which we take seriously. We are happy to be aligned with a supportive and transparent Exchange which is even more motivation for us to implement our expansion objectives projected for 2024 and 2025 where Mecure Industries eventually transits from the Growth Board to the Main Board by way of raising an initial public offer”.
Reiterating Mecure’s commitment to global quality standards, the Co-CEO Mecure Industries, Dukor Anderline stated that “Quality is built into all our products at every level. We do not compromise on quality and use locally manufactured products in our processes while working hand in hand with the regulators to stay properly guided. All of these put together has helped us get to where we are,” She said.
The NGX Growth Board was unveiled in January 2020 with the aim of encouraging companies with high growth potential to seize the opportunity of raising long-term capital and to promote liquidity in the trading of their shares. It allows for greater accessibility to capital flows, global visibility and credibility through corporate disclosures. Companies listed on the Board also benefit from reduced post-listing obligations, increased turnaround time for approvals and time to market.