Nigeria: Seplat IPO Oversubscribed, Starts Trading On NSE Today

14 April 2014

Seplat Petroleum Development Company's shares will begin trading today on the official trading list on the Nigerian Stock Exchange (NSE), while the company's chairman, Dr. A.B.C. Orjiako, will ring the closing bell to signal the end of its first trading day.

The company's shares will also begin unconditional trading on the London Stock Exchange (LSE) today. The dual listing of the company's shares on the NSE and LSE follows the successful completion of its IPO, which was oversubscribed. Seplat, which announced its intention to float its shares on March 11, had sought to raise $500 million and then get listed on the NSE and LSE. Its listing on the LSE is significant in many respects because it is the first such listing of a foreign company on the exchange in a decade, a feat made possible by Seplat's very strict adherence to best corporate governance principles.

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