Dangote Refinery's ₦2.15 Trillion IPO Opens in Nigeria
Nigeria's equities market experienced a decline as the NGX All-Share Index dropped 1.60% to 243,052.74 points, with market capitalisation decreasing by approximately ₦1.97 trillion to ₦157.59 trillion. This retreat occurred just before the opening of Dangote Petroleum Refinery and Petrochemicals' long-awaited IPO on September 14, which offers 4.1 billion shares at ₦525 each, allowing investors to start with a minimum of 10 shares for ₦5,250.
The IPO is expected to significantly enhance the NGX's market capitalisation and provide retail investors with direct exposure to Africa's largest single-train refinery. Additionally, Nigeria's primary-market pipeline was reported at about ₦2.77 trillion, with Dangote accounting for a substantial portion.
The Central Bank of Nigeria (CBN) conducted a ₦500 billion auction, with strong demand for longer Treasury bill maturities, indicating investor willingness to lock funds for longer durations when returns are favorable.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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