🇳🇬 Dangote launches Africa’s biggest IPO on Nigerian exchange

Dangote Refinery and Petrochemicals FZE opened its initial public offering on 14 September on the Nigerian Exchange, offering 4.1bn shares at 525 naira per share to raise 2.15 trillion naira, or about $1.63bn. Aliko Dangote said the proceeds will be used to double the refinery’s capacity to 1.4m barrels a day, build fuel storage and distribution infrastructure, and support future expansion. The company said it is targeting up to 10m retail subscribers, with a minimum purchase of five shares costing 5,250 naira.

The listing is expected to value the refinery at about 65 trillion naira, or roughly 25% to 30% of the Nigerian Exchange’s total market capitalisation. Several Nigerian investment platforms, including Bamboo, Cowrywise and InvestNaija, reported service disruptions as demand surged after the offer opened on 14 September.

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🔸 Source

@africaintel