NNPC CEO: IPO Could Start with 5-10% Listing

The CEO of the Nigerian National Petroleum Company (NNPC) stated that the company's initial public offering (IPO) is likely to begin with a listing ratio of 5% to 10% in the first phase. According to a Reuters exclusive, the CEO indicated that this gradual approach is part of the strategy for entering the capital markets. According to the statement, keeping the initial listing low is preferred to broaden the investor base and adapt to market conditions. Company management signaled that the listing ratio could be increased in later periods; however, the report did not share a binding timeline on this matter. The NNPC's IPO is noteworthy as it opens one of Nigeria's largest state-owned enterprises in the energy sector to capital markets. The ratio range provided by the CEO constitutes the first concrete framework regarding the size of the offering. The report does not include details on the timing of the offering, the price range, or the intermediary institutions. It only conveys the CEO's assessment of the initial listing ratio. Not investment advice.