The Dangote Petroleum Refinery and Petrochemicals FZE has fixed the minimum subscription for its proposed initial public offering (IPO) at 10 ordinary shares valued at N5,250.
Aliko Dangote, President and Chief Executive Officer of Dangote Group, disclosed this on Monday at the signing ceremony for the IPO in Lagos.
He said the offer comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, priced at N525 per share.
According to Dangote, the company expects to raise slightly above N2 trillion from the offering to finance the expansion of the refinery.
He said the low minimum subscription was designed to give a broad segment of Nigerians, including drivers, cooks, domestic workers and managers, an opportunity to own shares in the refinery.
Dangote described the offering as an “IPO for the people”, adding that it would also provide subscribers with an opportunity to build future savings through investment in the company.