The Chief Executive Officer of Dangote Group, Aliko Dangote, has announced that investors can subscribe to the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE with a minimum of 10 ordinary shares valued at N5,250.
Dangote made this known on Monday at the signing ceremony for the refinery’s IPO held at Eko Hotel and Suites, Victoria Island, Lagos.
The offer comprises 4.1 billion ordinary shares at an offer price of N525 per share, with the company targeting to raise slightly above N2 trillion.
Dangote said the funds raised through the IPO would be used to finance the expansion of the refinery and provide Nigerians with an opportunity to own shares in the company.
He described the offer as an “IPO for the people”, saying it was designed to enable Nigerians across different levels, including drivers, cooks, managers and other workers, to become shareholders in the refinery.
According to him, investing in the company would also give subscribers an opportunity to build their future savings through ownership of shares and increase public participation in the ownership of one of Nigeria’s major industrial assets.
Dangote Announces N5,250 Minimum Subscription for Refinery IPO
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