Nigerian Oil Producer Seplat May Sell Shares in London

Seplat Petroleum Development Co., a Nigerian oil company that bought assets in the Niger River Delta from Royal Dutch Shell Plc, may have an initial public offering in London this year after meeting regulatory requirements.

Seplat got the U.K. Listing Authority approval on January 15, Yvonne Ike, book runner Renaissance Capital’s chief executive officer for West Africa, said today in an interview in Lagos, Nigeria’s commercial capital. “From that date the clock started ticking” with an IPO probable “in the first half of this year” after fulfilling other requirements.

Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, was hired as joint book runner on Seplat’s planned share sale, Lyudmila Bibina, a spokeswoman in Moscow, said by e-mail on Nov. 11, without commenting further. Seplat plans dual trading on the Nigerian Stock Exchange in Lagos and London Stock Exchange. Lagos-based BusinessDay reported June 27, without saying where it got the information.

It would be a “defining” move which may encourage other companies to do the same, Arunma Oteh, director general of Nigeria’s Securities and Exchange Commission, said in October. Seplat also has the approval of Nigerian regulators for the trading of its shares on the Lagos bourse.

(Renaissance Capital corrects headline and first paragraph of story initially published yesterday to show IPO not certain.)
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