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HomeNewsNigeria: Oil firm lists shares on Nigerian bourse, London exchange

Nigeria: Oil firm lists shares on Nigerian bourse, London exchange

A Nigeria oil firm, Seplat Petroleum Development Company, Monday  became the latest quoted company to list its shares simultaneously on the floor of the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE).

The company listed over 543 million ordinary shares of 50 kobo each at 576 naira per share on the official trading list, under the Oil and Gas Sector on the main bourses.

While the offer price had been set at 576 naira (US$3.53) per ordinary share for shares listed on the NSE, 210 Pence has been fixed for ordinary share on the LSE main market.  

“The dual listing of the company’s shares on the NSE and the LSE follows the successful completion of its Initial Public Offer (IPO), which was over-subscribed,” Seplat Chief Executive Officer Austeen Avuru told investors during the presentation of the facts behind the listing of the company.

Last month, Seplat announced its intention to raise US$500 million and thereafter list simultaneously on the NSE and LSE.

Based on the offer price, the total market capitalisation of Seplat at the commencement of conditional dealings will be approximately 1.14 billion pounds or US$1.90 billion.

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