Seplat Petroleum Development Company’s shares on Monday began simultaneous trading on the official trading list on the London Stock Exchange (LSE) and the Nigerian Stock Exchange (NSE). The dual listing of the company’s shares on the NSE and LSE follows the successful completion of its Initial Public Offer (IPO) which was over-subscribed.
Seplat, had earlier on March 11 announced its intention to float its shares and had sought to raise $500 million and then get listed on the NSE and LSE. Seplat’s dual listing is a game-changer in several ways as it is the first such listing of a foreign company on the London Stock Exchange in a decade and the first time a Nigerian company will be dual listed on the same day in Nigeria and the UK
Savouring their unqualified IPO success, Seplat’s Chief Executive Officer, Mr. Austin Avuru, noted thatd: “We are already a leading indigenous independent company in our home market but the opportunities opening up in Nigeria for companies like ours are significant.”
As a leading indigenous oil and gas operator in Nigeria with an average gross operating oil production of 51,400 barrels per day (bpd) as at December 31, 2013 Seplat appears set to play a dominant role in Nigeria’s E&P market as it sets the tone for the eventual takeover of the sector by Nigerian companies from the now weary oil majors.