Dangote refinery sets IPO minimum subscription at N5,250

Aliko Dangote, chief executive officer (CEO), Dangote Group, says the Dangote Petroleum Refinery and Petrochemicals FZE proposed initial public offering (IPO) has a minimum subscription requirement of 10 ordinary shares, culminating in N5,250. 

Dangote spoke during a signing ceremony in Lagos on Monday.

He said the refinery IPO comprised an offer of 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of N525 per share.

“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.

He said the fund was not only intended to finance the expansion of the refinery but also to ensure that the majority of “drivers, our cooks, our servants, our managers, and everybody” would have an opportunity to own a stake in the offer.

Dangote added that the offering was designed to allow subscribers to build their future savings through the investment.

The CEO described the offering as “the IPO for the people”. (TheCable)