Dangote Refinery Launches IPO On NGX At N525 Per Share

The Dangote Refinery has officially opened its initial public offering (IPO) on the Nigerian Exchange (NGX), offering 4.1 billion ordinary shares at N525 each.

The offer opened on Monday, September 14, and will remain available to investors until October 13.

According to the IPO terms, the minimum subscription is 10 shares, costing N5,250.

If all the shares are taken up, the IPO could raise about N2.15 trillion to support the refinery’s expansion plans.

Aliko Dangote, President of Dangote Industries Limited (DIL), officially launched the offer by sounding the gong at the NGX in Lagos.

The IPO is open to retail investors, institutions and eligible investors from across Africa.

Speaking at the launch, Dangote described the offer as the “People’s IPO”, saying it would give Nigerians and other members of the public the chance to own a stake in the refinery.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’.

“We know the journey has actually just started. It’s not only about the refinery,” he said.

Dangote also said the Dangote Group is targeting a market capitalisation of at least $350 billion by 2030.

He based the projection on a price-to-earnings ratio of 10 times, adding that the group plans to list all its operating companies.

“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.

According to the businessman, about $46 billion has been set aside for expansion across the group as part of its 2030 vision.

“The Dangote Group has raised more than we need to execute all our projects. We have about $46 billion allocated for group-wide expansion to achieve our 2030 vision, and we remain on track,” he said.

Dangote added that the refinery could seek a listing outside Africa within the next three to four years.

‘From this exchange, then we can go to any other place,” the industrialist said.

The industrialist said the group would continue using the NGX as its foundation while expanding its presence in other global markets.

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