Seplat shares up after IPO debut

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NigeriaStockExchange

Reuters.

A security officer checks a man outside the Nigerian Stock Exchange in Lagos April 8, 2014. A stock market debut by oil and gas firm Seplat in Lagos and London is likely unleash a round of initial public offerings (IPOs) in Nigeria after they stalled in the wake of a 2008 financial crisis, the head of the country's bourse said. Oscar Onyema told the Reuters Africa Investment Summit he expected more oil and gas listings to follow Seplat's, which would help tackle the sector's under-representation on the Nigerian Stock Exchange (NSE). Picture taken April 8, 2014.

Lagos - Nigerian oil and gas firm Seplat listed its shares on the Lagos bourse on Monday, with the shares bid at 604.8 naira ($3.76) each, up from its offer price of 576 naira, after its debut $500 million IPO last week, broker said.

Seplat shares also started unconditional trading in London on Monday.

They rose almost 1 percent to 2.21 pounds ($3.70).

Dealers said the IPO subscription was split equally between domestic pension funds and fund managers from mainly Britain and the United States. - Reuters


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