Nigerian National Petroleum Corporation Limited, NNPCL, yesterday, said it has begun the assessment of potential partners ahead of its Initial Public Offering (IPO) at the Nigerian Stock Exchange, in line with the provisions of the Petroleum Industry Act (PIA).
The company, in a statement by its Chief Corporate Communications Officer, Mr Olufemi Soneye, said it is at the final stage of getting listed in the capital market.
Soneye explained that this was disclosed by the Company’s Chief Finance and Investor Relations Officer (CFIO), Mr. Olugbenga Oluwaniyi, at a consultative meeting with partners at the NNPC Towers, Abuja.
He said NNPC Ltd was currently engaging with prospective partners in an exercise tagged, “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations before the commencement of the Initial Public Offer (IPO).
According to him, the aim of the IPO Beauty Parade is to assess potential partners and determine in what ways they could be of support to the company.
He listed the areas of partnership required to include: Investor Relations, IPO Readiness Advisers, and Investment Bank Partners.
He said the company with the best offer in terms of project partnership would be selected for each of the three categories. An IPO is a public offering in which shares of a company are sold to institutional investors.
The PIA provides for the NNPC Ltd to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990.