26 July 2007
The London Stock Exchange is delighted to welcome Guaranty Trust Bank plc to the Main Market.
Guaranty Trust Bank is the first Nigerian company to list on the Main Market, and offers a wide range of financial services and products throughout Nigeria and in the West-African sub region.
The issue on the Exchange marks the company’s first international follow-on offering and consists of a total of 67 million newly issued Global Depositary Receipts with one GDR representing 50 ordinary shares. The offer price per GDR at admission has been set at US$11.20; these will be traded on the Exchange’s International Order Book (IOB).
The offer is expected to raise gross proceeds of approximately $750 million that will be used to fund the expansion and refurbishment of its branch network, strategic business development including ATM rollout, enhancing call centres and other e-banking services, increasing equity investment in existing branches including GTBank’s insurance subsidiary as well as increasing working capital, the expansion and upgrading of IT infrastructure and further regional expansion into West Africa.
JP Morgan and Morgan Stanley were the Joint Lead Managers and Book-runners for the offering.