The Dangote Petroleum Refinery and Petrochemicals FZE has fixed the minimum subscription for its proposed initial public offering at 10 ordinary shares, valued at N5,250.
President and Chief Executive Officer of Dangote Group, Aliko Dangote, disclosed this on Monday during a signing ceremony in Lagos.
According to him, the IPO comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, offered at N525 per share.
Dangote said the company expects to raise slightly above N2tn through the offering to fund 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 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.
He said the offering was structured not only to raise funds for the refinery’s expansion but also to give a broad range of Nigerians an opportunity to own shares in the business.
Dangote specifically mentioned “drivers, our cooks, our servants, our managers, and everybody” as among those who would have the opportunity to acquire a stake in the refinery through the IPO.
He added that the offering would also provide subscribers with an opportunity to build their future savings through investment in the company.
The IPO is expected to raise more than N2tn, with the proceeds earmarked for the expansion of the refinery.
