Dangote Refinery Launches Bonus Shares for IPO Investors

Dangote Refinery, through Petroleum Refinery & Petrochemicals FZE, has launched a bonus-share incentive for retail investors participating in its initial public offering (IPO). Eligible investors who subscribe to at least 10 shares at N525 each and hold them continuously for 12 months will receive one additional share.

If they retain the shares for another 12 months, they will qualify for a second additional share, potentially earning two bonus shares over two years. Chuka Eseka, Group Managing Director and Chief Executive Officer of Vetiva Capital Management, disclosed this incentive, aimed at encouraging long-term retail participation.

However, investors who purchase shares on the secondary market after the listing will not qualify for the incentive. The IPO opened its order book on October 2 and is scheduled to close on October 13, with a total of 4.1 billion ordinary shares available.

The minimum investment required for retail investors is N5,250, excluding transaction costs.