Dangote Petroleum Refinery has announced plans to raise about ₦2.15 trillion through an Initial Public Offering, IPO, in what is set to become Africa’s largest-ever share sale.
Group President, Aliko Dangote, disclosed this on Monday during the signing of the IPO documents in Lagos.
The refinery is offering 4.1 billion shares at ₦525 per share, with the IPO expected to raise about ₦2.15 trillion if fully subscribed. The offer is scheduled to open on September 14 and close on October 13.
The share sale is expected to become Africa’s largest-ever IPO and will give investors an opportunity to own a stake in the 650,000-barrels-per-day refinery.
The funds will be used partly to expand the refinery’s capacity to 1.4 million barrels per day, more than double its current nameplate capacity.
The IPO could also significantly increase the market capitalisation of the Nigerian Exchange when the refinery’s shares are listed.
He added that the listing will also significantly increase the market capitalisation of the Nigerian Exchange, NGX, and give Nigerians and other investors an opportunity to own a stake in the 650,000-bpd facility.
