Legend Internet PLC lists ₦11.28 billion shares on NGX through listing by introduction

 

Nigeria's leading last-mile fiber-to-the-home broadband provider, Legend Internet PLC, has successfully listed 2 billion ordinary shares on the Main Board of the Nigerian Exchange Limited (Nigerian Exchange Group (NGX Group) through a listing by introduction. The shares were priced at ₦5.64 each, totaling ₦11.28 billion.

The listing added ₦11.28 billion to the NGX's market capitalization, bringing it to N66.67 trillion. Legend Internet's stock debuted strong, closing at ₦6.20, a 9.93% increase or ₦0.56 gain from its initial listing price.

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This development marks a significant milestone for Nigeria's tech sector and represents a major leap forward for the country's broadband ecosystem. According to the company's CEO Aisha Abdulaziz, "We built the model, and now we are scaling it. With the public as the focus, we request ₦150 billion in debt and equity to scale Nigeria's fibre network."

Legend Internet's listing is notable as it marks the first for an indigenous broadband provider on the Nigerian bourse. The company has been operational since 2021, primarily in Abuja and Suleja, where it has activated 10,000 homes, laid 250,000 meters of fiber optic cables.

The funds raised will directly finance the expansion of Legend's fiber network to Nigerian consumers, fueling its growth into Lagos and eventually 31 states across Nigeria. Legend Internet's listing is also the first company listing on the NGX in 2025.

Mainstreet Capital Limited provided financial advisory the Legend Internet PLC in connection with the listing.