Seplat makes trading debut

The Nigerian oil and gas company Seplat made its unconditional trading debut in mid-April, as the first ever Nigerian company to have its ordinary shares dual listed on both the Nigerian and London Stock Exchanges. According to Standard Bank, which acted as joint global coordinator and joint book runner, the transaction was the largest in Sub-Saharan Africa since 2008. The IPO proceeds will allow Seplat to further implement its business strategy, which includes acquiring new Nigerian assets and expanding its development programme.

 

Simon Matthews, Head of ECM, Standard Bank, said: ‘The IPO was a first of its kind in Nigeria incorporating an international standard bookbuilding and settlement process… [It] has created a blueprint for future transactions in the region as the African equity capital markets enjoy a period of increasing investor attention, liquidity and capital inflow.’