Dangote Gives Retail Investors Priority in Refinery IPO
Dangote Gives Retail Investors Priority in Refinery IPO
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured retail and small investors of priority consideration if the ongoing Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals is oversubscribed.
Dangote said the offer was structured to broaden ownership of the refinery and enable more Nigerians and other investors to participate in the company. He said the company could make additional shares available if demand exceeds the current offer, subject to the necessary arrangements and approvals.
The IPO, which opened on September 14, comprises 4.1 billion shares priced at ₦525 each and is scheduled to close on October 13. The offer is targeting broad participation from retail investors, with Dangote stating an ambition to build a shareholder base of at least 10 million investors.
The priority arrangement, however, does not mean every retail investor will automatically receive the full number of shares applied for. Final allotments will be determined after the offer closes in accordance with the approved terms.
