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Nigerian oil firm Seplat debuts; valued at $1.9 B

Nigerian oil and gas firm Seplat has offered 26.4% of its shares in a combined market debut in Lagos and London that values the group at $1.9 billion, according to a Reuters report. Seplat is the first Nigerian company with dual listings in Lagos and London. Conditional trading in the shares began in London on April 9.

The company has sold 143.2 million shares to investors, raising 82.5 billion naira ($500 million) at a price of 576 naira and 2.10 pounds per share, respectively. 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.

Reuters noted that Seplat has an option to issue additional 10.33 million shares to international investors over the next 30 days.

French bank BNP Paribas and South Africa's Standard Bank acted as joint global coordinators and bookrunners with Renaissance Securities, Citigroup, and RBC Capital Markets.

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