Dangote Refinery announces minimum subscription for $1.6bn share sale

According to a Premium Times report, Dangote Refinery has completed its offer documents for a $1.6 billion IPO, set to launch on September 14 as Africa’s largest-ever public equity sale. Aliko Dangote led the sign-off ceremony in Lagos on Monday, announcing a minimum subscription of 10 shares, or N5,250.

The offer, coordinated by Vetiva Advisory Services, targets N2.2 trillion from 4.1 billion shares priced at N525 each, valuing the refinery near $50 billion. Proceeds will fund capacity expansion to 1.4 million barrels per day.

Abu Dhabi’s ADNOC has reportedly held talks about acquiring a stake, following a July private placement that raised $2.5 billion, oversubscribed by 270 per cent.