Legend Internet Plc has confirmed compliance with the Nigerian Exchange Limited’s (NGX) minimum free float requirement, following its listing on the Main Board of the Exchange on 24 April 2025.
The company in a notice to the Nigerian Exchange Limited, disclosed that it has made a sufficient quantity of its shares available to the investing public, satisfying the 20 per cent free float threshold stipulated under Rule 3.14 of the NGX Rulebook.
The company emphasized its commitment to meeting all post-listing obligations and maintaining investor confidence.
The free float requirement is aimed at enhancing market liquidity and ensuring that a meaningful percentage of a company’s issued shares are held by public investors.
As part of its post-listing progress, Legend Internet Plc also announced that a total of 106 shareholders have been added to its register of members as of 5 May 2025.
This update follows the confirmation of trade settlements from the Central Securities Clearing System (CSCS), as advised to the Company’s Registrars.
The Board stated that these developments reflect its dedication to transparency, regulatory compliance, and sound corporate governance.
“Legend Internet Plc remains focused on aligning its operations with the expectations of both regulators and the investing community,” the Company noted.
Legend Internet Plc recently became a publicly quoted company with the listing of the internet services company on the Nigerian Exchange (NGX), heralding a new wave of tech listings on the stock market.
A total of 2.0 billion ordinary shares of Legend Internet were listed at N5.64 per share, representing initial market capitalisation of N11.28bn.
The listing by introduction was the first by any company in the internet segment of the telecommunications sector and the first company to be listed this year.
At a facts-behind-the-listing ceremony, Chairman, Legend Internet, Dr Ladi Bada said that the listing signaled the readiness of the company to operate at the highest level of corporate governance.
According to him, the listing at the NGX is more than a financial event, but a signal declaration that the business is ready to be held to the highest standards, performance, and public trust.
“I’m proud to say that Legend Internet has met this moment with the same energy, integrity and purpose that has guided it from the beginning. This is not just a win for our company, it is a win for Nigeria’s digital economy,” Bada said.
Chief Executive Officer, Legend Internet Plc, Aisha Abdulaziz explained that when the company started, it was not just an internet company but a movement in the digital service .
“Every Nigerian deserves premium digital services. Our journey has always been connecting. Our business has always been a trust. Listing on NGX is a commitment to transparency. We are scaling. We are expanding in new technologies, deepening our infrastructure and reaching more underserved communities,” Abdulaziz said.
Chairman, Nigerian Exchange Group (NGX Group) Plc, Dr Umaru Kwairanga commended the company for the bold initiative of listing on the Exchange.
