Hot SourceKayode Tokede
Legend Internet Plc yesterday listed two billion ordinary shares at N5.64 per share by way of introduction on the Main Board of Nigerian Exchange Limited (NGX).
The listing by introduction of Legend Internet added N11.28 billion to the Exchange’s market capitalisation, which now stands at N66.67 trillion. The stock, initially listed at N5.64, gained N0.56 or 9.93per cent, closing at N6.20.
This development marks a significant milestone for Nigeria’s tech sector and represents a major leap forward for the country’s broadband ecosystem.
At the Facts Behind the Listing event senior executives of the company presented their growth strategy and vision to capital market stakeholders.
In his remarks, the Chairman of Legend Internet, Dr. Ladi Bada, noted: “Technology is the fastest-growing sector, and broadband sits at the core of digital transformation.
“Legend Internet is proud to be the first indigenous broadband company listed on the Exchange. Our decision to list is anchored in our belief that the capital market is a catalyst for growth, innovation, and national economic transformation.”
The Chief Executive Officer of Legend Internet, , Aisha Abdulaziz, described the listing as a national moment: “We are building Africa’s most customer-focused internet company powered by world-class infrastructure and made-in-Nigeria innovation. Going public enables more Nigerians to be part of our journey and share in the value we are creating. This is not just a corporate win; it’s a signal of what’s possible in Nigeria’s tech ecosystem.”
Legend Internet’s listing by introduction affirms that it has met all regulatory requirements of NGX without raising new capital, offering investors an opportunity to engage with a high-growth digital infrastructure company at the forefront of Nigeria’s broadband revolution.
In his opening remarks, the Chairman, NGX Group, Dr. Umaru Kwairanga noted that the listing by introduction of Legend Internet is not only significant for the company and stakeholders but also for the broader capital market.
He commended the management of Legend Internet for such a milestone achievement of listing on NGX
“The decision to list two billion ordinary shares by way of listing by introduction on the board of NGX is a bold demonstration of the confidence in your business model, growth vision and in the Nigerian capital market.
“As a sector, we recognised Legend Internet as an enabler of Nigeria’s digital transformation and a catalyst for inclusive economic growth.
“Since its inception in August 2021, Legend Internet has rapidly evolved from a focus internet service provider into a diverse technology player. Pioneering advancement in broadband infrastructure, digital connectivity and data service.
“With the listing, Legend Internet is strategically positioned to accelerate its ambitious plan of expanding broadband access, developing state of the art data centers and deploying net generation digital services.
“This initiative not only aligned with Nigeria’s aspiration for a digital economy, but they also promised job creation, increased competitiveness and stronger regional influence in the tech ecosystem.”
He added that at the NGX, the management is proud to provide a platform that enables companies like Legend Internet to scale, thrive and deliver longer value to a broader and diversified investors base.
Also commenting, the Chief Executive Officer of Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka, said: “Legend’s listing highlights the strategic role of NGX in supporting corporate innovation and growth. This is more than just a corporate milestone, it is a turning point for the tech sector. We are proud to provide a platform that enables indigenous technology firms to scale and create sustainable value.”
