Dangote IPO gives NGX a shot at N225trn market cap

…Targets 10m retail investors with stock incentive

Dangote Petroleum Refinery & Petrochemicals FZE is set to become the single largest company on the Nigerian Exchange Limited (NGX) when it goes public next month, in a listing that will value Africa’s biggest single-train refinery at N65.22 trillion and reshape the pecking order of Nigeria’s equities market almost overnight, pushing NGX market cap to N225 trillion.

The offer, contained in the company’s prospectus seen by BusinessDay, will see the refinery sell 4.1 billion ordinary shares to the investing public at a fixed price of N525 a piece, raising gross proceeds of N2.15 trillion ($1.6 billion) in what ranks among the largest capital-raising exercises in the history of the Nigerian capital market.

Speaking at the IPO signing ceremony on Monday, September 7, Aliko Dangote, chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the transaction as a defining moment for the company and the continent.

“Today’s signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria’s energy landscape and strengthening Africa’s energy security. Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation.”

“This refinery means so much to our continent. From the man working in the Simandou…