Legend Internet debuts on NGX, seeks ₦150 billion for fibre rollout
- Legend Internet Plc listed on the Nigerian Exchange Group, gaining nearly 10% on its first day of trading.
- The company announced plans to raise ₦150 billion ($92.72 million) in debt and equity for expansion.
- Legend's stock closed at ₦6.20, a 9.93% increase, adding ₦11.28 billion ($6.97 million) to the NGX’s market capitalisation.
The successful listing of Legend Internet Plc on the NGX is a promising development for Nigeria's tech sector, particularly in broadband access. It highlights the potential for indigenous companies to leverage local capital markets for growth, which could lead to significant improvements in connectivity and economic development. However, the challenge remains in effectively scaling operations to meet the demands of a largely underserved market.
