Oando Shares on sale Feb 2010 , to raise N20b at N70 per share

According to the offer prospectus, the company is seeking to raise the fund through a Right Issue of 301,694,878 ordinary shares of 50 kobo each at N70.00 per share on the basis of one new ordinary share for every 3 ordinary shares of 50 kobo
A peep into the company’s five financial summary showed that turnover grew by over 69 per cent from N103.1 billion in 2004 to N339.4 billion in 2008 while profit after taxation increased by 83.1 per cent or N1.47 billion in 2004 to N8.34 billion in 2009. The issuing houses to the offer are Vetival Capital management limited, FCMB Capital Market limited and Stanbic IBTC Bank Plc.

Is it something to buy or not ?.