The Council of the Nigerian Stock Exchange (NSE) has approved a listing price of N576 per share for Seplat Petroleum Development Company Plc, thus making it the highest priced equity in the oil and gas sector.

Seplat will become the second highest priced equity on the exchange, behind Nestle Nigeria Plc, which closed at N1,185 per share on Friday, April 11, 2014.

The shares of the  indigenous independent oil and gas company  will be listed on the NSE and London Stock Exchange (NSE) following  the completion of its initial public offering (IPO) set out to raise about $500 million from the both the Nigerian and international capital markets.

Seplat had made the offer between a price range of N535 and N700 per share. The offer was concluded at N576, a price the Council of the NSE also approved last Friday for the shares to be listed. It was gathered that a total of 143,284,130 shares were sold, fetching the company about N82 billion.  However, the entire 543,284,130 shares of the company would be listed on the NSE.

At listing, Seplat will be adding N313 billion to the capitalisation of the exchange.

Source; Thisday