Don’t miss out on this! GTCO invites Nigerians, others to buy bank for N44.50 per share

• The application of Guaranty Trust Holding Company Plc for the subscription of nine billion common shares has commenced
• The offer shares will be allocated to institutional and retail investors, and it is available until August 12.
• The issuer mentioned that the allocation split is flexible and will vary based on the demand from different investment classes

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Guaranty Trust Holding Company Plc (GTCO) application list for the subscription of 9 billion ordinary shares commenced on Monday, July 15, at N44.50 per share.

GTCO said that the allocation could alter based on how each investor class feels about it. Photo Credit: GTCO, VioletaStoimenova
Source: Getty Images

The announcement of the offer is valid until August 12 according to a BusinessDay report.

The offer shares are divided between retail and institutional investors for allocation.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

According to the breakdown of the allocation, 50% of the allocation, or 4.5 billion offer shares, goes to institutional investors; the remaining 50%, or 4.5 billion offer shares, goes to retail investors.

As for the Allocation Split, the Issuer stated that it is subject to change in response to demand from each investment class.

GTCO in the public notice,

“Accordingly: (i) The Offer Shares allocated to, but not subscribed to by Retail Investors may be reallocated to Institutional Investors, as long as the subscriptions submitted by Institutional Investors exceed the above allocation and support such reallocation. (ii) The Offer Shares allocated to, but not subscribed to by Institutional Investors may be reallocated to Retail Investors, as long as subscriptions submitted by Retail Investors exceed the above allocation and support such reallocation.“The final Allocation Split between Retail Investors and Institutional Investors will be determined upon completion of the Capital Verification Exercise and the approval of the Basis of Allotment. Investors shall be informed of the final Allocation Split and Allotment through the publication of the Allotment Announcement.”

Stanbic IBTC Capital Limited is the lead issuing house; Absa Capital Markets Nigeria Limited, FCMB Capital Markets Limited, and Vetiva Advisory Services Limited are the joint issuing houses.

The market capitalisation of GTCO is N1.710 trillion at the offer price (post-offer) and N1.309 trillion at the offer price (pre-offer), assuming full subscription.

GTbank sets new banking record

Legit.ng reported that Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank (GTBank), has recorded a profit after tax of N509.3 billion in the first quarter of 2024.

The amount is a 587.4%, or six times, increase compared to N74 08 billion reported in the same period of 2023.

The profit recorded by GTBank is also the largest ever pre-tax profits in Nigerian banking history.

Source: Legit.ng