Dangote Refinery Launches Nigeria's First Digital IPO
The Dangote Petroleum Refinery's Initial Public Offer (IPO) is set to be Nigeria's first fully digital retail offer, as announced by Chuka Eseka, CEO of Vetiva Capital Management Limited, during the signing ceremony on Monday. This digital-first approach aims to enhance accessibility for Nigerians nationwide.
Upon completion, the IPO will position Dangote Petroleum Refinery as the largest single listed company on the Nigerian Exchange (NGX). Investors can subscribe through various digital and traditional channels, including bank apps and fintech platforms, with a minimum subscription of 10 units at N525 each, totaling N5,250.
The offering includes 4.1 billion ordinary shares at an offer price of N525 per share, targeting N2.15 trillion to support refinery expansion. The Securities and Exchange Commission (SEC) has approved the IPO, which is anticipated to be Africa's largest share sale.
The refinery, located near Lagos, has a capacity of 650,000 barrels per day and was built at an estimated cost of $20 billion.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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