Dangote Petroleum Refinery and Petrochemicals FZE has unveiled a N2.15 trillion Initial Public Offer (IPO) aimed at giving millions of Nigerians and other Africans an opportunity to own shares in the 700,000 barrels-per-day refinery.
The offer comprises 4.1 billion ordinary shares at N525 per share, with a minimum subscription of 10 shares, allowing investors to participate with as little as N5,250.
The company is targeting about 10 million retail investors, which, if achieved, would significantly surpass the Nigerian capital market’s previous record of about 181,000 retail participants in a single transaction.
President and Chief Executive Officer of Dangote Group, Aliko Dangote, unveiled the offer in Lagos yesterday, describing it as an IPO designed for ordinary people. “This is the IPO for the people. There is no segregation on who can own the shares. We want every human being living on the continent to be part of this action,” Dangote said.
The offer, approved by the Securities and Exchange Commission (SEC), is expected to open on September 14 and close on October 13, subject to applicable regulatory conditions.
