Dangote Refinery launches IPO on NGX at N525 per share

The Dangote refinery’s initial public offering officially opened on the Nigerian Exchange on Monday, offering 4.1 billion ordinary shares at ₦525 each, according to a report by TheCable. The offer closes on October 13, with a minimum subscription of 10 shares at ₦5,250. If fully subscribed, it is expected to raise ₦2.15 trillion for expansion operations.

Aliko Dangote, president of Dangote Industries Limited, formally opened the offer by sounding the gong at the NGX in Lagos, describing it as the “People’s IPO.” He said the group’s market capitalisation should reach at least $350 billion by 2030, with about $46 billion already raised for group-wide expansion, adding that the refinery would list outside Africa within three to four years.