The initial public offering of the Dangote Refinery officially opened on Monday, with 4.1 billion ordinary shares offered to investors at N525 per share.
The offer, which is scheduled to close on October 13, has a minimum subscription requirement of 10 shares, valued at N5,250.
If fully subscribed, the IPO is expected to generate about N2.15tn to support the refinery’s expansion operations.
President of Dangote Industries Limited, Aliko Dangote, formally launched the offer at the Nigerian Exchange in Lagos, where he sounded the ceremonial gong to mark the commencement of the share sale.
The IPO is open to retail and institutional investors, as well as eligible investors from across Africa, in line with the terms of the offer.
Speaking at the launch, Dangote described the share sale as the “People’s IPO”, saying it would give members of the public an opportunity to become part owners of 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 Targets $350bn Market Capitalisation
The industrialist also revealed that the Dangote Group is targeting a market capitalisation of at least $350bn by 2030, based on a price-to-earnings ratio of 10 times.
Dangote said the group planned to list each of its companies that would operate as part of the conglomerate.
“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.
He disclosed that the group had secured more funding than required to execute its planned projects, with approximately $46bn earmarked for expansion across the business.
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“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 also disclosed plans to take the refinery’s listing beyond Africa within the next three to four years.
“From this exchange, then we can go to any other place,” the industrialist said.
According to him, the Nigerian capital market would remain the foundation for the group’s future plans to secure listings on international exchanges.