Guaranty Trust Holding Company Plc (GTCO) is poised to make history as the first Nigerian banking entity to list all of its shares directly on the London Stock Exchange (LSE), with trading scheduled to commence at 8:00 a.m. on Tuesday, July 9, 2025.
The move marks a major milestone in GTCO’s international capital markets strategy as the group transitions from Global Depositary Receipts (GDRs) to a full secondary listing of its ordinary shares on the LSE’s main market.
$100 Million Capital Raise to Boost Nigerian Operations
As part of the listing, GTCO has launched a public offer of new ordinary shares to raise approximately $100 million via an accelerated bookbuild, managed exclusively by Citigroup as Sole Global Coordinator and Bookrunner. The offer began on July 2 and will close by July 31.
According to regulatory filings, net proceeds from the offer will be used to recapitalise GTBank Nigeria, helping the group meet the Central Bank of Nigeria’s minimum paid-up share capital requirement of ₦500 billion for banks with international licenses. At the prevailing exchange rate of ₦1,540/$, the $100 million target translates to about ₦154 billion.
Zenith Bank and Access Holdings are the only other Nigerian banking groups to have already met this threshold.
Direct Listing to Replace GDRs
GTCO has also announced that it will cancel its GDR listing on the UK Financial Conduct Authority’s Official List and their admission to trading on the LSE by July 30, 2025. The group will instead list all ordinary shares in the equity shares category for international commercial companies, becoming the first Nigerian bank to take this route.
Existing GDR holders will be able to exchange their receipts for Depositary Interests (DIs) starting July 9, with the final deadline for valid exchange submissions set for July 23.
The GDRs, originally listed in 2007 at a conversion rate of 1 GDR = 50 GTCO shares, will continue trading under the symbol “GTCO” until delisting is complete.
Trading Details and Timeline
- July 3: Bookbuild closes and offer price is finalised.
- July 4: Prospectus published.
- July 9: Admission and trading of ordinary shares begin on LSE under the temporary symbol “GTHC”.
- July 23: Deadline for GDR exchange requests.
- July 30: Official delisting of GDRs.
- Post-July 30: Ticker expected to revert to “GTCO” on LSE.
The company noted that CREST accounts for institutional investors will be credited shortly after trading begins, while share certificates will be dispatched to applicable investors no later than the same day.
Dual Listing, No Impact on Nigerian Operations
GTCO clarified that its Nigerian Exchange (NGX) listing will remain unaffected. Shares will continue to trade in Naira under the ticker “GTCO”. Following the LSE listing, the company anticipates that shares will be transferable between the NGX and LSE, subject to regulatory requirements.
At the time of filing this report, GTCO was trading at ₦83.20 per share on the NGX, reflecting a 4% intraday rally as investor optimism builds ahead of the landmark listing.
Analysts View: Positive Signal to Global Investors
Analysts view GTCO’s strategic shift as a strong signal of confidence in Nigeria’s financial sector reform and market depth. The accelerated bookbuild method typically used for fast-tracked institutional fundraising offers shares at a discount, attracting long-term investors in the UK, U.S., and other jurisdictions.
GTCO’s international listing now aligns it with other Nigerian corporates like Seplat Energy and Airtel Africa, which maintain dual listings in Nigeria and the UK.
