Dangote Refinery IPO set for N525 per share
Africa’s richest man, Aliko Dangote said that the long-anticipated initial public offering (IPO) for the continent’s largest oil facility—the Dangote read more Dangote Refinery IPO set for N525 per share
The Securities and Exchange Commission (SEC) has approved the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, offering 4.1 billion ordinary shares at ₦525 each. This approval could potentially raise ₦2.15 trillion if the shares are fully subscribed, as stated by the Dangote Group. The IPO, which was expected to open within 10–12 days, now proceeds after receiving regulatory approval from the SEC.
The company's existing 120.13 billion ordinary shares have also been registered by the SEC. The approval clears the way for the company to hold its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process. Dangote Refinery, located in Ibeju-Lekki, Lagos, currently has a capacity of 700,000 barrels per day and is undergoing expansion to increase capacity to 1.4 million barrels per day.
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- Dangote Refinery to price IPO shares at N525, targets $1.5 billion raise nairametrics.com
- Market eyes Sept. 14 date for Dangote Refinery IPO businessday.ng
