The Nigerian Financial market has been buoyed by the prospects of a resounding investment boom in the housing sector, with the listing of the UPDC Real Estate Investment Trust fund.
This was the outcome of the ceremonial closing bell ringing performed at the stock exchange, by the MD of UPDC Mr Hakeem Ogunniran accompanied by the fund manager for the REIT Mrs Mayowa Ogunwemimo.
It was also a new chapter for the REIT as it applied for listing on the floor of the exchange.
In his opening remark the CEO of the NSE commended the UPDC for its contributions to the growth of the capital market.
Mr Hakeem Ogunniran described the subscription level since the REIT offer was made as impressive announced that Mrs Mayowa Ogunwemimo of the FSDH will be the fund manager.
Representative of the Stanbic IBTC securities affirming the viability of the REIT for listing, related the unprecedented subscription level 2.658billion units from the 3 billion units issued for N10.00 each,rated an impressive performance for the fund.
Highlight of the event was the official listing of the REIT by the CEO of the NSE Mr Oscar Onyema and announcement that the fund initially traded over 5million units at 10.00 an impressive mark.
The event was also attended by Mr Ade Bajomo ED Market Operations,NSE and Mrs Taba Peterside,GM Listing NSE.
1. IPO: UPDC Real Estate Investment Trust (REIT) - FINAL DAY