Transcorp Hotels to launch N8bn IPO September 24

Transcorp Hotels, part of the Transcorp conglomerate, plans to start marketing its initial public offering (IPO) from September 24 to raise N8 billion ($48.8 million), marketing documents seen by Reuters show.

Transcorp Hotels plans to offer 800 million ordinary shares to new investors at N10 per share. The sale will last for a week and the shares will be listed on the Nigerian Stock Exchange (NSE) on November 5, the prospectus showed.