Dangote Petroleum Refinery and Petrochemicals is targeting 10 million retail investors for its N2.15tn initial public offering, a move the transaction advisers said would be about 20 times Nigeria’s current retail participation record.
The offer, comprising 4.1 billion ordinary shares of $0.000013 each at N525 per share, will open on September 14 and close on October 14, ahead of the planned listing on the main board of the Nigerian Exchange in November.
The disclosure was made on Monday in Lagos at the signing ceremony for the IPO, where the transaction advisers said the offer had been structured to accommodate mass participation by retail investors.
With a minimum subscription of 10 shares, investors will be able to participate with N5,250, giving low-income earners the opportunity to be shareholders.
Managing Director of Vetiva Capital Management Limited, Chuka Eseka, said the distribution structure would be driven electronically through banks, fintech platforms, stockbrokers and other financial intermediaries.
He said the arrangement would enable Nigerians to subscribe without being physically present, describing it as a new approach to the distribution of capital-market offers in the country.
“This will be the first offer in Nigeria that will be made to persons who truly have to subscribe digitally, utilising a wide array of platforms involving banks, fintechs, the regular and significant markets and other financial intermediaries,” Eseka said.
According to him, the structure was deliberately designed to enable investors to participate from wherever they are with as little as N5,250. The 10 million target represents a significant increase from the current retail participation record of 131,000 investors cited by the advisers.
Eseka said the signing ceremony marked the commitment of the…
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