In less than 24 hours after listing on the Nigerian Exchange Group (NGX), BUA Foods, which is a subsidiary of Nigerian conglomerate BUA Group, has seen its market value jump to N957.6 billion.
BizWatch Nigeria understands that on Wednesday, BUA Foods, which was projected to be among the seven top companies to look out for as the year 2022 proceeds, made a grand entrance into the stock market with 18 billion shares valued at N40 per share unit.
Following the listing, which influenced trade volume recorded on the same day in the capital market, BUA Foods’ share price has been green, as it closed its first week with N53 per share unit.
More so, the newly-listed firm may soon join the likes of Dangote Cement, MTN Nigeria, BUA Cement, Nestle, and Airtel, as a company with N1 trillion market capitalisation.
Priding itself as a company with an annualized revenue of N321 billion, BUA Foods is now valued at N957 billion. Hence, it’s closing on joining the SWOOT (Stocks Worth Over One Trillion) naira.
BUA Foods and the stock market
BUA Foods, which is likely going to hit the N1 trillion market capitalisation next week, is next to Nestle as the largest quoted firm by stock value. Although, at the moment, former is larger than Flour Mills, which is valued at N112 billion.