Guaranty Trust Holding Company PLC (GTCO) has announced plans to raise approximately $100 million through a fully marketed offering of new ordinary shares to be listed on the London Stock Exchange (LSE).

This strategic move marks another milestone for the Group, as it aims to become the first West African bank to list on the LSE.

The book-building period for the offer took place from July 2 to July 3, 2025, and GTCO has announced that approximately 2.29 billion new shares will be issued at a reference price of N70.00 ($0.0459) per share.

The company is seeking to have all its ordinary shares admitted to the “equity shares (international commercial companies secondary listing)” category of the UK Financial Conduct Authority’s Official List and to trading on LSE’s main market, with a target free float of 99.0%.

This development is part of GTCO’s broader strategy to meet the Central Bank of Nigeria’s revised minimum capital requirement of N500.0 billion for international banks.

The bank had previously raised N209.4 billion through a partially subscribed public offer in FY’24 and plans to cover the remaining capital gap of approximately N154.0 billion through this listing.

As part of the listing process, GTCO has given notice of its intention to cancel the listing of its Global Depositary Receipts (GDRs) on the LSE and instead opt for Depositary Interests (DIs), a standard mechanism for companies listed on the LSE but incorporated outside the UK. This move is expected to facilitate trading and settlement within the UK market.

The entire process is expected to be concluded by July 30, 2025, and marks a significant milestone for GTCO as it expands its global presence and strengthens its capital base.