Dangote Refinery to sell shares at N5,250 for minimum 10 shares
Chief Executive Officer (CEO) of the Dangote Group, Aliko Dangote says the minimum subscription of the Dangote Petroleum Refinery and Petrochemicals FZE proposed initial public offering (IPO) is 10 ordinary shares, translating to N5,250. Dangote stated this in Lagos on Monday, during the signing ceremony, putting it on course to launch the $1.6 billion public […] The post Dangote Refinery to sell…
Aliko Dangote, CEO of the Dangote Group, announced on Monday that the Dangote Petroleum Refinery and Petrochemicals FZE will be offering shares for its upcoming $1.6 billion IPO, which is set to be Africa's largest ever. The minimum subscription for the IPO is 10 ordinary shares, priced at N5,250 per share. The IPO includes the offer of 4.1 billion ordinary shares, each valued at $0.000013, with an offer price of N525 per share.
Dangote aimed to raise a bit more than N2 trillion through the IPO, with the primary goal of financing the refinery expansion and ensuring that many employees and stakeholders could invest in the company. Vetiva Advisory Services Limited is coordinating the capital raise. The IPO received approval from the Securities and Exchange Commission (SEC) last week, with all 4.1 billion shares up for subscription at N525 ($0.40) per unit.
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