Dangote Petroleum Refinery has set a minimum subscription of 10 shares for its planned initial public offering, allowing investors to participate with as little as N5,250 ($3.97).
Aliko Dangote, Chief Executive Officer of Dangote Industries Limited, disclosed the minimum subscription requirement on Monday during the signing ceremony for the refinery’s IPO in Lagos.
The offering comprises 4.1 billion ordinary shares priced at N525 ($0.40) each. If fully subscribed, the IPO is expected to raise about N2.15 trillion ($1.63 billion), making it Africa’s largest public share offering.
The subscription window will open on September 14 and close on October 13, according to details presented at the signing ceremony. The shares will subsequently be listed on the main board of the Nigerian Exchange.
Dangote said the low minimum subscription was intended to broaden participation in the refinery’s ownership, allowing ordinary Nigerians to acquire a stake in the company.
The IPO is also designed to raise funds for the refinery’s expansion. Dangote Refinery currently has a processing capacity of about 650,000 barrels per day, although the facility has tested production at higher levels. The company plans to eventually increase capacity to 1.4 million barrels per day.
The refinery, located near Lagos, was built at a cost of about $20 billion and has become a major supplier of refined petroleum products to Nigeria and international markets.
The planned share sale follows approval from Nigeria’s Securities and Exchange Commission, which registered the refinery’s existing shares and cleared the IPO for launch.
The offering will test investor appetite for one of Africa’s largest industrial projects while providing the Nigerian capital market with a major new listing.
Dangote has described the IPO as an opportunity for a broad range of Nigerians to participate in the refinery’s future growth. The company is seeking to use the proceeds to support additional investment as it expands refining capacity.
If fully subscribed, the offer would raise approximately $1.63 billion. The company may also issue additional shares in the event of oversubscription, subject to regulatory approval.
The IPO is expected to attract significant attention from both retail and institutional investors ahead of the September 14 opening.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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