LONDON (Alliance News) - SEPLAT Petroleum Development Company PLC Wednesday priced its initial public offering in London at 210 pence a share and its offering in Nigeria at NGN576 a share, but its shares were trading slightly below the pricing in early dealings in London.
SEPLAT announced its IPO in March and at that time said it would become the first Nigerian company to list its shares in both London and Lagos.
The oil and gas company said its base offering of 143.3 million shares will raise it about GBP300.9 million. It will have an over-allotment option of 10.3 million shares. It will use the money to pay for acquisitions, and, or pay down debt raised for operations, as well as to pay off a USD48 million shareholder loan it has from MPI SA.
Its shares were trading at 207.5 pence in London Wednesday morning.
BNP Paribas and Standard Bank acted as joint global co-ordinators and joint bookrunners and Renaissance Securities (Cyprus) Ltd, Citigroup Global Markets Ltd and RBC Capital Markets acted as joint bookrunners.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Seplat Energy (SEPL)