Aliko Dangote, Chief Executive Officer of the Dangote Group, has announced that investors seeking to participate in the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will be able to subscribe with as little as 10 ordinary shares, costing ₦5,250.
Dangote disclosed this on Monday during a signing ceremony held in Lagos, where details of the planned share offering were presented.
According to him, the IPO will involve 4.1 billion ordinary shares, each with a nominal value of $0.000013, offered to investors at ₦525 per share.
At the minimum subscription level of 10 shares, individual investors would therefore need ₦5,250 to participate in the offering.
Dangote said the refinery intends to raise slightly more than ₦2 trillion through the IPO, with the proceeds expected to support the company’s expansion plans.
He described the minimum subscription requirement as an opportunity for a broad range of investors to participate in the refinery’s proposed capital-raising exercise.
The planned IPO forms part of efforts to provide funding for the continued expansion of the Dangote refinery and its operations as the company seeks to increase its capacity and strengthen its position in the petroleum sector.
