“We didn’t hit the 10 million”: Dangote explains refinery IPO shortfall

Aliko Dangote said the Dangote refinery IPO fell short of its 10 million investor target because of limited time and access difficulties, but still drew “millions of investors,” with Reuters reporting orders of about N6.4 trillion, roughly three times the targeted offer size.

Aliko Dangote, chairman of Dangote Industries Limited, says the initial public offering of the company’s refinery business fell short of its 10 million investor target but drew “millions of investors,” TheCable reports.

Speaking at the 25th annual WIMBIZ conference in Lagos, Dangote said the number of investors has yet to be officially determined. He attributed the shortfall to limited time and difficulties some prospective investors faced in accessing the offer.

“We didn’t hit the 10 million because of time constraint, and a lot of people, they didn’t know how to access,” he said.

He added: “Even in Kenya, Safaricom was the largest, less than 900,000. Saudi Aramco worldwide was about five million.”

The offer of 4.1 billion shares at N525 each opened on September 14 and was extended to October 27. Reuters reported that more than two million investors subscribed through digital channels and that orders reached about N6.4 trillion, roughly three times the targeted offer size.