The Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals officially opened on Monday on the Nigerian Exchange (NGX), with the company offering 4.1 billion ordinary shares at N525 each.
The offer, which is expected to raise about N2.15 trillion if fully subscribed, will remain open until October 13, 2026.
Investors are required to subscribe for a minimum of 10 shares, valued at N5,250, under the terms of the offer.
President of Dangote Industries Limited, Aliko Dangote, formally opened the offer by sounding the gong at the NGX trading floor in Lagos.
The IPO is open to retail and institutional investors as well as eligible African investors, giving members of the public an opportunity to acquire a stake in the refinery.
Describing the offer as the “People’s IPO,” Dangote said the initiative was designed to broaden ownership of the business and allow Nigerians to participate in the company's future.
“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 disclosed that the Dangote Group was targeting a market capitalisation of at least $350 billion by 2030, based on a price-to-earnings ratio of 10 times.
Dangote said the group planned to list all its operating companies, as part of its broader strategy to deepen public participation in 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 said the group had secured sufficient funding for its expansion programme, with about $46 billion earmarked for group-wide investments as it pursues its 2030 growth plan.
“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,” Dangote said.
Beyond the Nigerian market, he disclosed that the refinery could pursue an international listing within the next three to four years.
“From this exchange, then we can go to any other place,” he said, adding that the Nigerian capital market would remain the group's launching pad for future listings outside the country.
The refinery IPO represents a major transaction for the Nigerian capital market and provides investors with an opportunity to participate directly in one of Africa's largest petroleum refining projects.
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