Nigeria: 'Dangote Refinery IPO Opens Ownership to Nigerian Investors'
The offer could raise about N2.15 trillion and will fund expansion of the Lekki refinery, with shares set to list on the Nigerian Exchange in November.
- Offering 4.1 billion ordinary shares at N525 each, the Dangote Petroleum Refinery and Petrochemicals IPO seeks to raise about N2.15 trillion by October 13. This represents one of Africa's largest-ever public share sales.
- Billionaire Aliko Dangote aims to democratize wealth creation by allowing ordinary investors to own stakes in large African businesses. His refining footprint expands with the Dangote East Africa Refinery in Lamu set for groundbreaking on Wednesday.
- FCMB Group Chief Executive Ladi Balogun said the offer gives Nigerians access to world-scale businesses. "Retail investors are buying shares on their mobile phones through fintechs, banks and brokers," Balogun noted, highlighting diverse participation.
- Zimbabwean investors are participating in the US$1.6 billion IPO through Bard Santner Investors, a subsidiary of Bard Santner Inc. The refinery is valued between US$47 billion and US$49 billion if fully subscribed.
- The US$19 billion facility currently has a capacity of 700,000 barrels per day, which the company plans to double by 2029. Success in this IPO will test Nigeria's capacity to fund large domestic enterprises.
16 Articles
16 Articles
Kenyan investors may access Dangote Refinery IPO through GDRs
Kenyan investors could gain access to Dangote Petroleum Refinery’s initial public offering (IPO) through a proposed Global Depositary Receipt (GDR) read more Kenyan investors may access Dangote Refinery IPO through GDRs
Nigeria: 'Dangote Refinery IPO Opens Ownership to Nigerian Investors'
Nigerians can invest in Dangote Petroleum Refinery and Petrochemicals with a minimum subscription of N5,250 under an initial public offering launched recently. The company is offering 4.1 billion ordinary shares at N525 each. The offer, valued at about N2.15 trillion if fully subscribed, opened September 14 and is scheduled to close October 13.
Beyond the Dangote IPO: What happens when the promise is tested
Unless you have been deliberately avoiding the news lately, chances are that you have heard something about the Dangote Refinery Initial Public Offering (IPO). It is difficult not to. Open your email or banking app and you are likely to find an invitation to subscribe. Take a leisurely scroll through social media and you will […]
What would a successful Dangote Refinery IPO really say about Nigeria's economy, By Bolutife Oluwadele
The active public offer could deepen Nigeria’s capital market and demonstrate confidence in a major industrial asset. But even if it is oversubscribed, its outcome should not be treated as conclusive evidence of the health of the wider economy. Few corporate events in Nigeria have generated as much anticipation as the initial public offering of […]
Kenyans eye Dangote refinery shares via NSE listing
Kenyan investors could soon buy into the Dangote refinery’s initial public offering (IPO) through the Nairobi Securities Exchange (NSE), under a proposed deal targeting up to $300 million (about Sh38.7 billion) in local participation. Investment bank Renaissance Capital plans to list global depositary receipts (GDRs) backed by shares in Dangote Petroleum Refinery & Petrochemicals FZE, …
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