The proposed initial public offering of the Dangote Petroleum Refinery and Petrochemicals FZE will require investors to subscribe to at least 10 ordinary shares, putting the minimum entry cost at N5,250.
The Group Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, disclosed this on Monday in Lagos during a signing ceremony for the planned offering.
According to him, the IPO will comprise 4.1 billion ordinary shares with a nominal value of $0.000013 each, offered at N525 per share.
Dangote said the offer is expected to raise slightly above N2 trillion, with proceeds earmarked primarily for expanding the refinery.
“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 explained that the decision to set a relatively low minimum subscription was aimed at giving Nigerians from different income groups an opportunity to participate in the ownership of the refinery.
Dangote said the offering was structured to enable workers across various occupations, including drivers, cooks, domestic staff and managers, to acquire shares in the company.
He added that investors would also have the opportunity to use the investment as part of their long-term savings.
Describing the proposed offering as “the IPO for the people”, the businessman said the initiative was intended to broaden public participation in the refinery while supporting its planned expansion.
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