Infrastructure Bank goes public with N3.2b shares

Infrastructure Bank Plc is the latest firm to be listed on the NASD OTC Securities Exchange. The shares listed are worth N3.2 billion, making it possible for investors to trade the shares of the development bank. 

Infrastructure Bank, which was once known as Urban Development Bank of Nigeria Plc, dematerialized 6.206 billion ordinary shares of 50 kobo each at 52 kobo per share on the NASD.

Infrastructure Bank joined the league of firms that have previously listed their offerings on the NASD OTC Securities Exchange, including 11 Plc (previously known as Mobil Oil Nigeria Plc), and Capital Bancorp Plc.

The NASD OTC Securities Exchange is an over-the-counter (OTC) platform legalized by the government to facilitate trade in unlisted public companies.

NASD has informed the firm and investing public that it believes transparency is the virtue that drives up investor confidence and has assured them that this virtue is reflected in the way and manner in which trading is conducted on its platform.

“NASD can also, by its structure and rules open securities to trade between 24-48 hours, with its only requirement being that the securities being introduced are registered at Securities and Exchange Commission (SEC) and complies with the capital market regulations,” NASD stated.