Seplat's listing is expected to spur IPO on Nigerian Stock Exchange
The IPO of Seplat in London Stock Exchange and the Nigerian bourse could set more listing of public debuts following the 2008 financial crisis that struck the bourse. This was according to the chief executive officer of the Nigerian Stock Exchange, Oscar Onyema.
According to Onyema, oil and gas firms would follow Seplat’s double listing. He also added that major listings would soon flock the Nigerian Stock Exchange from the oil and gas industries, reported Ventures Africa.
In an interview with Reuters, Onyema said “It will be the first major IPO in the market since the 2008 burst. It could signal the opening of a window for other IPOs to come through.”
Currently, 2.6 percent market capitalization of the Nigerian Stock Exchange is made up of the oil and gas industries. However, an increase of 5.9 percent would be seen after the listing of Seplat on the Nigerian bourse, reported Ventures Africa.
Seplat has revealed that it has taken in USD500 million during its public debut and announced its listing on both Nigerian bourse and London Stock Exchange to occur on April 14.