Lagos-based Seplat has generated US$500mn in an Initial Public Offering (IPO) in London and Lagos, reporting the Nigerian oil and gas company to be worth US$1.9bn
According to Seplat, the US$500mn raised will provide a huge boost to Nigeria's homegrown energy industry.
The company, who made 26.4 per cent of its shares available at a price of 210p, towards the bottom of its target range of 195-255p, stated that it will use the funds to further grow and pay down net debut, which totalled US$141mn towards the end of 2013.
“Despite a challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home for leading Nigerian indigenous . . . players,” said ABC Orjiako, chairman of Seplat.
The Initial Public Offering (IPO) is the largest for a sub-Saharan company since Kenya-based mobile operator Safaricom’s in 2008, data-firm Dealogic revealed.
The flotation is also the second biggest for a Nigerian company, following the US$550mn of Starcomms six years ago.
