Lagos, Nigeria – 10 July 2025
Chapel Hill Denham congratulates Guaranty Trust Holding Company Plc (GTCO) on the successful pricing of its equity offering on the London Stock Exchange. GTCO issued 2.29 billion new ordinary shares in US dollars at the reference price of N70.00/share (US$0.0459) to a diverse base of institutional investors, raising gross proceeds of US$105 million. Following the completion of the Offer, all the ordinary shares of GTCO were admitted to the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange.
This landmark transaction marks the first US dollar-denominated equity offering and listing on the LSE by a Nigerian financial services institution, underscoring GTCO’s position as a “Truly International” financial services brand.
The net proceeds from the Offer will be used to recapitalise the flagship bank subsidiary – GTBank Nigeria – and further deployed in accordance with GTCO’s growth and expansion strategy to capitalise on emerging opportunities across its operating markets. Chapel Hill Denham is pleased to have acted as Nigerian Financial Adviser on this transaction.
Commenting on the transaction, Mr. Segun Agbaje, Group CEO of GTCO, said:
“This Offering and transition to a full listing on the Official List of the FCA and to trading of the Company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African Financial Services Institution. This move builds on our tradition of “many firsts” and innovation, as we continue to create exceptional value for our shareholders, customers, and broader stakeholders. Our consistent track record of strong performance, underpinned by disciplined execution and a relentless focus on customer excellence, gives us confidence as we embark on this next phase of growth. By enhancing our global visibility and access to capital, we are not just advancing our own ambitions but also unlocking transformative opportunities across the markets and customer segments we serve.”
Bolaji Balogun, CEO of Chapel Hill Denham, Nigeria Financial Adviser on the transaction, said:
“We are proud to have supported GTCO on their successful capital raise, LSE listing and cancellation of their GDRs. The transaction is reflective of investor confidence in GTCO’s strategy and equity story. We are grateful to the management of Guaranty Trust Holding Company Plc for entrusting us with this important mandate. We thank the CBN, SEC, NGX and CSCS and their leadership for their collaborative partnership, which enabled us deliver results on behalf of GTCO.”
