The proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will allow investors to subscribe for as little as 10 ordinary shares, setting the minimum entry cost at N5,250.
The Group Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, disclosed this on Monday in Lagos during the signing ceremony for the planned share offering.
According to Dangote, the IPO will comprise 4.1 billion ordinary shares with a nominal value of $0.000013 each, offered at N525 per share.
He said the offering is expected to raise slightly more than N2 trillion, with the proceeds primarily earmarked for the expansion of the refinery.
“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, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.
Dangote explained that the low minimum subscription was deliberately set to give Nigerians across different income levels an opportunity to own a stake in the refinery.
He said the structure of the offering would enable Nigerians in various occupations, including drivers, cooks, domestic workers and managers, to participate in the investment.
The businessman added that investors could also use the shares as part of their long-term savings and wealth-building plans.
Describing the proposed offering as “the IPO for the people,” Dangote said the initiative was designed to broaden public ownership of the refinery while providing additional capital to support its expansion.
The planned IPO is expected to deepen public participation in one of Nigeria’s major industrial investments and provide retail investors with an opportunity to take part in the ownership of the Dangote refinery.
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