By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Transcorp Hotels Plc, the hospitality business being run by conglomerate Transnational Corporation of Nigeria Plc (Transcorp) is seeking to raise as much as N8.0 billion in its initial public offering (IPO) according to regulatory filing on Monday.

Transcorp Hotels, whose major product is hotel business, is offering 800,000,000 ordinary shares of 50 kobo each at N10.00 per share, the filing to the Nigerian Stock Exchange (NSE) shows.

Transcorp Plc own 88 percent of Transcorp Hotels through Capital Leisure and Hospitality Limited. The remaining 12% is owned by the Federal Government of Nigeria. The application is currently being processed by The Exchange.

As at the timing of filling in this report, InvestAdvocate sought further clarifications via phone from Dupe Olusola, director of resources of Transcorp, but no response. Also a text message to her was not responded to.

At the end of trading on Tuesday at the floor of the Nigerian bourse share price of transcorp gained 7 kobo as it opened N6.43 and closed at N6.50 climbing 1.09 percent.