The Dangote Refinery is set to launch its much-anticipated IPO next week. The company completed the signing of its offer documents in Lagos on Monday.
The $1.6 billion offer could become Africa’s biggest public equity sale.The refinery will open the offer to everyday Nigerians across the country. Investors can subscribe with as little as 10 ordinary shares. At N525 per share, the minimum subscription will cost N5,250.
“There is no segregation on who can own these shares. We want every human being living on the continent to be part of this action,” Aliko Dangote said.
According to FirstCap CEO Ukandu Ume Ukandu, the offer targets 10 million retail investors. Vetiva Advisory Services is coordinating the deal. The subscription window opens on September 14 and closes on October 13. The Securities and Exchange Commission approved the offer last week. A total of 4.1 billion shares will be available at N525 each.
The IPO values the refinery at almost $50 billion. Dangote plans to use the funds to double its capacity from 700,000 barrels per day. The expansion could push capacity to 1.4 million barrels daily.
Meanwhile, the company is exploring listings in South Africa and other African markets. A private placement in July also raised $2.5 billion. That deal attracted 270% more demand than the shares available.
With investor interest still rising, the IPO could become a major milestone for Nigeria’s capital market.
