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Seplat to offer shares at N576 each

SEPLAT Petroleum Development Company Plc has announced the pricing of its initial public offering (the global offer) and its intention to publish.

A statement by the company on Wednesday noted that the offer price had been set at N576 per ordinary share for shares to be listed on the Official List of the Nigerian Stock Exchange.

It added that it would be offered at 210 pence per ordinary share for shares to be traded on the London Stock Exchange’s main market

The statement added that based on the offer price, the total market capitalisation of Seplat at the commencement of conditional dealings would be approximately £1.14bn ($1.90bn), excluding the exercise of the overallotment option.

The company had announced that the net proceeds of the global offer would primarily be used to acquire and develop new acquisitions, and pay down any additional debt raised in connection with both onshore and shallow offshore acreages, assets and joint venture farm-ins.

“Approximately $48m shall be used to pay down in full a shareholder loan from MPI S.A,” it stated.

The Chairman, Seplat, Dr. ABC Orjiako, was quoted in the statement as saying, “We are delighted with the support shown and happy to welcome a range of blue chip investors to our share register.

“Despite the challenging market for oil and gas stocks, the response has been excellent and demonstrates strong demand in both London and at home for leading Nigerian indigenous player.”

The Chief Executive Officer, Mr. Austin Avuru, said, “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.”

The statement noted that the admission of the shares to the NSE and the LSE with the commencement of unconditional dealings would take place as from next Monday.

Seplat was founded in 2009 by Shebah Petroleum Development Company Limited and Platform Petroleum (Joint Ventures) Limited for the purpose of investing in Nigerian oil and gas sector.

 The company in June 2013 entered into an agreement for the acquisition of a 40 per cent participating interest in the Umuseti/Igbuku marginal field area located within OPL 283 in the Niger Delta.

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