Capital Market

4 Nigerian tech companies on the NSE currently trading below their IPO listing price

September 10, 2018 · 4 min read
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Only seven companies playing in the ICT sector are currently listed on the Nigerian Stock Exchange (NSE).

But in spite of the growing technology ecosystem in Nigeria, the performance of their shares does not appear encouraging for tech companies that are intending to go public.

As of this publication, four of the technology companies on the stock exchange are trading below their initial public offering (IPO) listing price.

Suggested Read: 7 Nigerian tech companies listed on the Nigerian Stock Exchange

eTranzact International Plc

eTranzact International Plc currently sells for ₦3.95 per share as against its listing price of ₦4.80.

The highest price for the e-payment solution provider’s share within the last 52 weeks was ₦4.75, which is still less than its listing price. At the moment, the company is marked as below the continuing listing standards.

eTranzact got listed on August 7th 2009 and according to the unaudited financial statement for the first quarter of 2018, 10 kobo dividend per share was paid to shareholders in 2016.


Also marked as below continuing listing standards, Computer Warehouse Group (CWG) Plc’s shares currently sell for ₦2.54, while its price during IPO was ₦5.48. CWG Plc was incorporated in 1991 but got listed in November 2013.

CWG Plc recorded a loss after tax of ₦97.9 million for the period ended June 30, 2018, which is a better performance compared to ₦151.9 million loss in the previous financial year.

Chams Plc

Chams Plc, which got listed on the NSE for ₦2.62 per share in September, 2008 now sells for ₦0.34 per share; an 87.02% dip. The company’s 52-week high is ₦0.50, which is still lower than it’s listing price.

Chams’ audited financial statement for the year 2017 indicated a 27 kobo loss per share in 2017, as against a 25 kobo loss recorded in 2016.

And its unaudited interim financial statements for the period ended June 30, 2018, indicated a 37 kobo loss per share.

OMATEK Ventures Plc

OMATEK Ventures Plc — one of the indigenous original equipment manufacturers (OEM) in Nigeria — is also not doing great on the floor of NSE. The company has also missed a regulatory filing deadline.

Although the company’s headquarters has been taken over by court order, it is still listed on the stock exchange.

With its original listing price at ₦5.14, OMATEK shares are currently at 50 kobo each, recording the biggest drop among the listed tech companies at 90.27%.

The company’s last available financial statement was the audited consolidated financial statement for 2013, which recorded 6 kobo earnings per share, a lower performance against 2012 figures which had 8 kobo.

Listed tech companies on the good side

Even though four of the seven NSE-listed ICT companies are not doing great, each of the remaining 3 companies indicated profits for the period ended June 30, 2018.

While these 3 companies all recorded profits in H1 2018, we were unable to confirm whether or not their current share price is higher than their listing price. We reached out to the NSE but didn’t get a response.

Courteville Business Solutions Plc

The shares of Courteville Business Solutions Plc, one of the listed companies on the good side of the market, traded for 20 kobo each as of September 4, 2018.

And its Q2 2018 unaudited interim report recorded ₦1.88 earnings per share, a significant improvement over Q2 2017 figure at ₦1.08.

Triple Gee and Company Plc

Triple Gee and Company Plc recorded 11 kobo earnings per share for the period ended June 30, 2018. Its shares were at ₦0.77 each, with a 52-week high price of ₦1.09.

Triple G recorded the highest trade volume among other listed tech companies in recent times, with 1,115,122 on September 4, 2018.

NCR (Nigeria) Plc

Currently selling for ₦6.30 per share, NCR (Nigeria) Plc indicated 11 kobo earnings per share for H1 2018. And its 52-week high is ₦6.97.

The fate of impending IPOs

Online payment company, Interswitch suspended its proposed IPO in 2016 and is yet to revisit its decision on the suspension.

According to a recent claim by the NSE, MTN Nigeria is yet to make any commitment towards its impending IPO. There’s reason to be sceptical about the telecom giant’s chances of making a great impact on the stock exchange, considering that over the last 4 years, it has been getting continually sanctioned by government regulatory agencies.

Regardless of the disappointing performance of most ICT companies listed on the NSE, many remain positive. Following Nigerian fintech startup, Paystack’s recent $8 million Series A round, Tosin Olaseinde, Money Africa founder, asked a question on Twitter about tech startups and potential IPOs.

Most respondents indicated their willingness to bet on Paystack, should the startup ever go public.

Based on this, is it safe to say that potential investors don’t consider the ICT companies currently listed on the stock exchange as worthy of their investment?

Featured image: S Remeika on Flickr (cc)


Yinka AwoSanya


Mobile & African Tech Enthusiast │ Data Analyst │ Music

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