The Dangote Petroleum Refinery and Petrochemicals IPO officially opened on the Nigerian Exchange (NGX) on Monday, offering investors an opportunity to acquire shares in Africa’s largest refinery.
The offer comprises 4.1 billion ordinary shares priced at N525 per share and will remain open until October 13, 2026.
Under the terms of the offer, investors can subscribe to a minimum of 10 shares valued at N5,250.
If fully subscribed, the IPO is expected to raise approximately N2.15 trillion, with the proceeds earmarked to support the refinery’s expansion and operations.
President of Dangote Industries Limited (DIL), Aliko Dangote, formally opened the offer by sounding the gong at the Nigerian Exchange in Lagos on Monday.
The IPO is available to retail and institutional investors, as well as eligible investors across Africa.
Speaking at the launch, Dangote described the offering as the “People’s IPO”, saying it would allow members of the public to participate directly in ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” he said.
Dangote Targets $350bn Group Market Capitalisation by 2030
Dangote said he expects the Dangote Group’s market capitalisation to reach at least $350 billion by 2030, based on a 10-times price-to-earnings ratio.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The businessman also disclosed that the conglomerate had secured more funding than required for its planned projects, with approximately $46 billion allocated to group-wide expansion as part of its 2030 vision.
“The Dangote Group has raised more than we need to execute all our projects. We have about $46 billion allocated for group-wide expansion to achieve our 2030 vision, and we remain on track,” he said.
Dangote further revealed that the refinery would seek a listing outside Africa within the next three to four years.
“From this exchange, then we can go to any other place,” the industrialist said.
He said the Nigerian capital market would remain the foundation for the group’s future plans to list its businesses on other international exchanges.
Source: Nigerian Exchange
