Chief Executive Officer of Dangote Group, Aliko Dangote, has disclosed that the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will have a minimum subscription of 10 ordinary shares, valued at N5,250.
Dangote disclosed this on Monday during a signing ceremony held in Lagos.
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”.