Nigerian lender Zenith Bank is set to list its shares, valued at US$850mn, on the London Stock Exchange (LSE)
According to a Reuters report, the shares will be listed at US$6.80 each as global depository receipts (GDRs) later this month.
Zenith has joined Guaranty Trust Bank, Diamond Bank and First Bank, the three other Nigerian lenders with GDRs trading in London.
The bank said that the secondary listing was intended to advance liquidity in its stock instead of raising capital.
According to Reuters, Zenith has all necessary approvals from Nigerian authorities to go ahead with the listing and the deal will allow non-nationals, who wish to keep dollar assets, to invest in the bank.
JP Morgan will be acting as the depository bank, while Citi will act as the custodian.
LSE’s head of Equity Primary Markets for Africa, Middle East and South Asia, Ibukun Adebayo, said, “Africa is a very big focus for us in terms of future opportunity and is deemed to have its fair share among this year’s listings.”
