The Dangote refinery IPO officially opened its initial public offering (IPO) on Monday, offering 4.1 billion ordinary shares at N525 each.
The offer will close on October 13, with a minimum
subscription of 10 shares at N5,250, according to the IPO terms.
If fully subscribed, the offer is expected to raise N2.15
trillion for the expansion operations.
Aliko Dangote, president of the Dangote Industries Limited
(DIL), formally opened the offer by sounding the gong at the Nigerian Exchange
(NGX) in Lagos on Monday.
The IPO is open to retail, institutional, and eligible
African investors, according to the offer terms.
Speaking at the event, Dangote described the offer as the
“People’s IPO”, saying members of the public would have an opportunity to
participate in the refinery’s ownership.
“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 $350 BILLION GROUP MARKET CAP BY 2030
Dangote said the group’s market capitalisation should reach
at least $350 billion by 2030, based on a 10-times price-to-earnings ratio.
“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.
Dangote said the conglomerate had raised more funds than it
needed to execute all its projects, with about $46 billion allocated for
group-wide expansion.
“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.
He said the refinery would also list outside Africa within
the next three to four years.
“From this exchange, then we can go to any other place,” the
industrialist said.
Dangote said the Nigerian capital market would serve as the
group’s base for future listings elsewhere.
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