Dangote Refinery IPO Opens for Sale on September 14 at $0.40 per Share
Nigeria's SEC approved the listing of 4.1 billion Dangote Petroleum shares at $0.40 each, aiming to raise approximately $1.6 billion. Aliko Dangote reported a net worth of $31.5 billion following the announcement.
Nigeria's Securities and Exchange Commission granted Dangote Petroleum Refinery approval to sell 4.1 billion ordinary shares at ₦525, or $0.40 per share. The company plans to hold its completion board meeting before opening an order book on September 14. If successful, the offering could raise about ₦2.15 trillion, equivalent to $1.6 billion. The deal includes a 15% greenshoe option to allow for additional sales based on demand.
Dangote Petroleum previously completed a private placement in July valued at approximately $40 billion and raised funds through another program in August. The proceeds from this new IPO will help the company expand refining capacity to 1.4 million barrels per day. The current Lagos facility produces 700,000 barrels daily and operates alongside a polypropylene plant and power station.
Aliko Dangote stated that the refinery aims to double its output. Forbes data showed his wealth reached $31.5 billion as of September 4, rising from $25.6 billion at year's end. Sources indicated the IPO was expected to test renewed investor appetite in Nigerian equities.
