Business
Dangote Refinery Sets IPO At ₦525 Per Share, Opens Sept 14
Dangote Petroleum Refinery has set the minimum subscription for its highly anticipated Initial Public Offering (IPO) at 10 ordinary shares, costing ₦5,250.
The announcement was made by Aliko Dangote during the signing of the refinery’s IPO documents in Lagos on Monday.
The refinery is offering 4.1 billion shares at ₦525 per share, with the IPO expected to raise about ₦2.15 trillion if fully subscribed. The offer is scheduled to open on September 14 and close on October 13.
The share sale is expected to become Africa’s largest-ever IPO and will give investors an opportunity to own a stake in the 650,000-barrels-per-day refinery.
The funds will be used partly to expand the refinery’s capacity to 1.4 million barrels per day, more than double its current nameplate capacity.
The IPO could also significantly increase the market capitalisation of the Nigerian Exchange when the refinery’s shares are listed.