Petroleum Africa
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Friday, April 11, 2014
Seplat Petroleum Development Co. raised $500 million in its IPO that priced the shares at 201 pence (approx. $3.52) with its dual listing on the London and Lagos exchanges. The IPO put Seplat’s market cap at $1.91 billion.
“We are already a leading indigenous independent in our home market but the opportunities opening up in Nigeria for companies like ours are significant. The proceeds from the global offer place us in a strong position to make further acquisitions as the IOCs [international oil companies] divest their onshore assets in the Niger Delta,” said Austin Avuru, Seplat’s CEO, in a statement.
The shares hit the market on April 14 for unconditional share trading in London and in Nigeria.
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