Chief Executive Officer (CEO) of the Dangote Group, Aliko Dangote says the minimum subscription of the Dangote Petroleum Refinery and Petrochemicals FZE proposed initial public offering (IPO) is 10 ordinary shares, translating to N5,250.

Dangote stated this in Lagos on Monday, during the signing ceremony, putting it on course to launch the $1.6 billion public equity sale, regarded as Africa’s largest ever.

He said the refinery IPO comprised an offer of 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of 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.

He said the fund was not only intended to finance the expansion of the refinery but also to ensure that the majority of “drivers, our cooks, our servants, our managers, and everybody” would have an opportunity to own a stake in the offer.

Dangote added that the offering was designed to allow subscribers to build their future savings through the investment.

The CEO described the offering as “the IPO for the people”.

Lagos-based Vetiva Advisory Services Limited is coordinating the capital raise.

The ceremony follows a key approval by the capital market regulator, the Securities and Exchange Commission (SEC), last week, with 4.1 billion shares up for subscription at N525 ($0.40) per unit.

The post Dangote Refinery to sell shares at N5,250 for minimum 10 shares appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.