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”.

Click to signup for FREE news updates, latest information and hottest gists everyday

Advertise on NOP NIGERIA to reach thousands of our daily users