Dangote Refinery has set the minimum subscription for its proposed Initial Public Offering (IPO) at N5,250.
The chief executive officer of Dangote Group, Alhaji Aliko Dangote announced that Nigerians can buy into Dangote Petroleum Refinery and Petrochemicals FZE with as little as 10 ordinary shares priced at N525 each.
Speaking at the signing ceremony for the IPO in Lagos, Dangote said investors can subscribe with a minimum of 10 ordinary shares priced at N525 each.
“In this IPO, we intend to raise just a bit more than N2 trillion, which I am sure is too small, at an offer price of N525 with a minimum subscription of only 10 shares (N5,250) to fund our expansion of the refinery,” Dangote said.
The proposed offer comprises 4.1 billion ordinary shares and is targeting N2.15 trillion to support the next phase of expansion at the 650,000 barrels-per-day refinery in Lekki.
Dangote said the fundraising was not just about capital, but about inclusion.
“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,” Dangote added.
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