Dangote Launches N2.15tn IPO, Targets 10 Million Retail Investors

Dangote Petroleum Refinery and Petrochemicals has launched a N2.15 trillion Initial Public Offer (IPO), targeting about 10 million retail investors, offering Nigerians and other Africans the opportunity to acquire shares in its 700,000-barrel-per-day refinery.

The offer, is made up of  4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares valued at N5,250.

Chief Executive of the company, Alhaji Aliko Dangote, who spoke at the launch yesterday, said the offer  was designed to raise additional capital for the refinery’s expansion while broadening public ownership of the business.

“This is the IPO for the people. There is no segregation on who can own the shares,” Dangote said.

He disclosed that the company plans to double the refinery’s capacity from 700,000 barrels per day to 1.4 million barrels per day, saying the expansion would increase production and strengthen the facility’s capacity to serve both domestic and international markets.

“The offer represents the refinery’s first public offer since its inauguration in 2023 and is the biggest IPO in Africa.”

He noted that the transaction would provide millions of Nigerians and other Africans with an opportunity to participate in the growth of the refinery.
While the Group Managing Director of Vetiva Capital Management Ltd., Mr Chuka Eseka, said the transaction had been structured to promote transparency, accountability and broad participation.

He explained that retail investors would be able to subscribe electronically through bank applications, internet platforms and stockbrokers, while institutional investors could subscribe electronically or through application forms submitted to receiving agents.

IPO Targets 10m Retail Investors
The Managing Director of FirstCap, Mr Ukandu Ukandu, disclosed that the offer is targeting…