Dangote Refinery Signs IPO, Targets 10M Subscribers
Dangote Petroleum Refinery and Petrochemicals (DPRP) has signed the registration documents for the biggest Initial Public Offering (IPO) in Africa, valued at approximately N2.2 trillion, about $1.6 billion.
The people-centric offering targets up to 10 million Nigerian investors, including low-income earners, through a Bank Biometric Verification Number (BVN)-integrated subscription process.
President and Chief Executive of Dangote Petroleum Refinery and Petrochemicals, Alhaji Aliko Dangote, led the company’s team to sign registration documents for the IPO, declaring that drivers, cooks, traders and “everybody” will have a chance to own shares in the $49 billion refinery.
The offer comprises 4.1 billion ordinary shares at N525 each, with an overallotment option of up to 30 per cent to accommodate strong demand.
The IPO is scheduled to open on September 14 and close on October 13, with listing expected on the Main Board of Nigerian Exchange Limited (NGX) upon completion of regulatory approvals.
