LAGOS, May 12 (Reuters) - Nigerian oil services companyCaverton has received stock exchange approval for a planned 31.8billion naira ($197 million) listing on May 20, it said onMonday.
Caverton, which provides marine and aviation services tomultinational oil companies including Shell, Total and Addax, said it will list 3.35 billionordinary shares on the Nigerian bourse at 9.50 naira per share.
The Nigerian Stock Exchange CEO told Reuters in April thathe expected more oil and gas listings to follow Seplat's marketdebut in Lagos and London via a $500 million initial publicoffering (IPO).
Nigerian IPOs dried up after a 2008 crash wiped more than 60percent off the market's capitalisation. The index has since recovered, gaining 35 percent in 2012 and 47 percentin 2013, but new listings are still only trickling in.
Caverton did not announce plans to raise fresh equitycapital but said it wants to broaden its ownership base as itexpands its shipping and helicopter services and diversify intonew markets within West Africa.
Profits at the oil servicing firm rose to 1.04 billion nairain 2012, from 60.37 million naira a year earlier. Revenue grewto 16.13 billion naira in 2012, against 10.93 billion naira in2011, the company said.($1 = 161.22 naira) (Reporting by Chijioke Ohuocha; Editing by Oludare Mayowa andDavid Goodman)
