Dangote Refinery IPO Opens, Targets $350 Billion Valuation

Aliko Dangote, President of Dangote Industries Limited (DIL), announced that the Dangote Group has secured approximately $46 billion to finance its expansion plans, targeting a market capitalization of at least $350 billion by 2030. The Dangote refinery's initial public offering (IPO) opened on Monday, offering 4.1 billion ordinary shares at N525 each, with the offer closing on October 13.

A minimum subscription of 10 shares at N5,250 is required, and if fully subscribed, the IPO could raise N2.15 trillion for the refinery's expansion. During the 'Fact Behind The Offer' presentation at the Nigerian Exchange (NGX) in Lagos, Dangote referred to the IPO as the “People’s IPO,” emphasizing its goal to democratize wealth creation.

He stated that the refinery could become Africa’s largest company by the end of the year and highlighted that the Nigerian capital market would serve as the base for future listings. Umaru Kwairanga, Chairman of the NGX, noted the significance of the share offer.