SEC Approves Dangote Refinery IPO at N525 Per Share
· Dangote expands northern footprint, unveils new skills centre in Kano Kayode Tokede in Lagos and Ahmad Sorondinki in Kano The Securities and Exchange Commission (SEC) has approved the Initial Public Offering
The Securities and Exchange Commission (SEC) has greenlit Dangote Petroleum Refinery and Petrochemicals FZE's Initial Public Offering (IPO), with the company offering 4.1 billion ordinary shares at N525 each. If subscribed fully, the IPO could raise approximately N2.15 trillion, according to a Dangote Group statement. The approval paves the way for the next stages of the offering.
The SEC has also registered the company's existing 120.13 billion ordinary shares. The approval came in a letter from the Director of the Securities and Investment Services Department, Abdulkadir Abbas, to the Lead Issuing House, Vetiva Advisory Services Limited. The proposed IPO will allow investors to acquire shares in one of Nigeria's largest industrial projects as the refinery aims to become a publicly traded company.
Its capacity is expected to increase from 700,000 barrels per day to 1.4 million barrels per day. The IPO is a part of efforts to broaden investment in the refinery and is anticipated to be one of the largest capital market transactions in Nigeria.
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