LONDON - Seplat, the Nigerian independent oil and gas company, said Wednesday that it raised 300.9 million pounds, or about $500 million, in its initial public offering, a dual listing in London and in Nigeria.
The company priced its offering at 210 pence a share on the London Stock Exchange and 576 Nigerian naira, or about $3.51, a share on the Nigerian Stock Exchange, giving it a market capitalization of £1.14 billion, or about $1.9 billion.
Shares were down about 2.4 percent to 205 pence in conditional trading in London on Wednesday morning.
Unconditional trading of its shares in London and trading in Nigeria is expected to begin on Monday.
Seplat is the first Nigerian company to have a dual listing in London and in Nigeria. It listed 26.4 percent of its share capital as part of the offering.
Austin Avuru, the Seplat chief executive, said the money from the offering will put the company in a strong position to make further acquisitions as international oil companies divest their onshore assets in the Niger Delta.
“We are already a leading indigenous independent in our home market but the opportunities opening up in Nigeria for companies like ours are significant,†he said in a statement.
The proceeds will also be used to reduce the company’s debt.
Seplat was formed in 2009 by the combination of two smaller oil companies.
BNP Paribas, Standard Bank, Renaissance Securities, Citigroup and the Royal Bank of Scotland served as joint bookrunners on the public float.
