Aliko Dangote, Chief Executive Officer of Dangote Group, has disclosed that investors can subscribe to the proposed Dangote Petroleum Refinery and Petrochemicals FZE initial public offering (IPO) with a minimum of 10 ordinary shares worth N5,250.
Dangote made the disclosure on Monday during a signing ceremony in Lagos.
He said the proposed IPO comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, offered at N525 per share.
“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.
Dangote said the funds would be used not only to finance the refinery’s expansion but also to give a broad range of people an opportunity to own a stake in the company.
He specifically mentioned “drivers, our cooks, our servants, our managers, and everybody” as potential beneficiaries of the offering.
The Dangote Group CEO added that the IPO was designed to enable subscribers to build their future savings through the investment.
Dangote described the offering as “the IPO for the people”.
