Nigerian Exchange Group quoted 1.9 billion shares on the over-the-counter market NASD at N25 each, giving it a valuation of N47.5 billion ($125 million), exchange data showed.
The listing makes the Nigerian bourse Africa’s second to be listed after the Johannesburg Stock Exchange.
It began changing its ownership structure from a mutual company of stockbrokers in 2017, adding new shareholders in a process known as “demutualisation”.
It then re-registered as a profit-making entity, owned by shareholders, called the Nigerian Exchange Group Plc, after being a not-for-profit entity.
Shares of the stock exchange company fell to N23.89 on Friday after the listing, According to exchange data.
The exchange, the second biggest in sub-Saharan Africa and one of the main entry points to invest on the continent has around 200 listed companies, all included in its benchmark share index.
The group – made up of Nigerian Exchange, NGX Regulation and NGX Real Estate – received approval for the listing last month. It has said stockbrokers will hold 78 per cent of the shares and that it will not be raising new cash from the listing.
Nigerian stocks are down 4.2 per cent this year after rising 50 per cent in 2020 as the world’s best performing market.