Guaranty Trust Holding Company PLC Aims for $100M LSE Listing

Guaranty Trust Holding Company PLC (GTCO) has set its sights on raising $100 million through a fully marketed offering of new ordinary shares to be listed on the London Stock Exchange (LSE). This strategic move represents a significant step for the Group, positioning it to potentially become the first West African bank to secure a listing on the prestigious LSE. The book-building phase for the offer was conducted from July 2 to July 3, 2025, with approximately 2.29 billion new shares slated for issuance at a reference price of N70.00 ($0.0459) per share.

The company’s objective is to have all its ordinary shares admitted to the “equity shares (international commercial companies secondary listing)” category of the UK Financial Conduct Authority’s Official List and to commence trading on LSE’s main market, targeting a free float of 99.0%. This move is part of GTCO’s broader strategy to align with the Central Bank of Nigeria’s revised minimum capital requirement of N500.0 billion for international banks.

In a bid to bridge the capital gap, GTCO had previously raised N209.4 billion through a partially subscribed public offer in FY’24. The upcoming listing aims to cover the remaining capital shortfall of approximately N154.0 billion, further fortifying the company’s financial position. As a part of the listing process, GTCO has notified its intention to delist its Global Depositary Receipts (GDRs) on the LSE, opting instead for Depositary Interests (DIs), a standard practice for non-UK incorporated companies listed on the LSE. This transition is anticipated to streamline trading and settlement activities within the UK market.

The entire listing process is slated for completion by July 30, 2025, signifying a significant milestone for GTCO as it expands its global footprint and bolsters its capital base. This move not only underscores the company’s commitment to regulatory compliance and financial strength but also highlights its ambition to enhance visibility and attract global investors. By tapping into the London Stock Exchange, GTCO is positioning itself to access a broader investor base and potentially unlock new avenues for growth and expansion.

Industry experts view GTCO’s decision to list on the London Stock Exchange as a strategic move that could pave the way for other African banks to follow suit. By leveraging the international platform offered by the LSE, GTCO is not only diversifying its capital base but also enhancing its credibility and reputation on a global scale. This listing is poised to provide GTCO with increased liquidity, improved access to international investors, and a heightened profile in the global financial landscape.

Against the backdrop of evolving regulatory requirements and market dynamics, GTCO’s listing on the London Stock Exchange underscores the company’s adaptability and resilience in navigating the complexities of the global financial markets. As GTCO embarks on this transformative journey, the financial community will be closely watching to gauge the impact of this strategic move on the company’s growth trajectory and overall market positioning.