Se­plat val­ued at $1.9bn in mar­ket de­but

Daily Trust - - REUTERS -

Nige­rian oil and gas firm Se­plat has of­fered 26.4 per­cent of its shares in a com­bined mar­ket de­but in La­gos and Lon­don that val­ues the group at about $1.9 bil­lion.

The com­pany, which has sold 143.2 mil­lion shares to in­vestors, is rais­ing 82.5 bil­lion naira ($500 mil­lion) at a price of 576 naira and 2.10 pounds per share re­spec­tively, the oil and gas firm said in a fil­ing with the Lon­don Stock Ex­change.

Con­di­tional trad­ing in the shares will start in Lon­don on Wed­nes­day. Se­plat is the first Nige­rian com­pany with dual list­ings in La­gos and Lon­don.

“De­spite a chal­leng­ing mar­ket for oil and gas stocks, the re­sponse has been ex­cel­lent and demon­strates strong de­mand in both Lon­don and at home,” Se­plat chair­man Bryant Or­ji­ako said in a state­ment.

Se­plat plans to use the net pro­ceeds from the of­fer to ac­quire new oil as­sets and pay down debt and a share­holder loan of $48 mil­lion.

French Bank BNP Paribas and South Africa’s Stan­dard Bank acted as joint global co-or­di­na­tors and bookrun­ners with Re­nais­sance Se­cu­ri­ties, Cit­i­group and RBC Cap­i­tal Mar­kets.

Se­plat said it has an op­tion to is­sue additional 10.33 mil­lion shares to in­ter­na­tional in­vestors over the next 30 days.

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