Nigeria's Caverton lists 3.35 bln shares at 9.50 naira each

LAGOS Tue May 20, 2014 1:28pm EDT

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LAGOS May 20 (Reuters) - Oil services firm Caverton listed 3.35 billion ordinary shares on the Nigerian Stock Exchange at 9.50 naira each on Tuesday, valuing the company at 31.83 billion naira ($195.2 million).

The free float is 22.3 percent of the company, which provides marine and aviation services to multinational oil companies including Shell, Total and Addax . Active trading will start from Wednesday.

Caverton's chief executive told Reuters on Thursday he planned to start the process of raising fresh equity by the fourth quarter after the debut stock market listing.

Caverton said its 2013 profit after tax stood at 1.87 billion naira ($11.5 million), up 37.8 percent from the year before. Turnover grew to 18.7 billion naira, from 16.1 billion naira.

Following the listing, 5.55 million shares in the firm were traded in the five minutes before the market closed at 1330 GMT, one stockbroker said.

($1 = 163.1000 Nigerian Nairas) (Reporting by Chijioke Ohuocha; Editing by Pravin Char)

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