- Safiu Kehinde
Dangote Petroleum and Petrochemical FZE has confirmed the offer price and minimum subscription for its shares as the company’s Initial Public Offering signing ceremony goes under way.
NPO Reported that the Securities and Exchange Commission had earlier this year approved the launch of the Dangote Refinery’s IPO with 4.1 billion ordinary shares of $0.000013 each up for grab.
Sequel to the approval, the refinery scheduled today for the official signing of the IPO which had since seen several investors and stakeholders converge at the Eko Hotel and Suites, Victoria Island, Lagos, for the event.
Highlighting the key terms of the transaction at the ongoing event, a member of the refinery’s advisory team, Olutade Olaigbe, confirmed that that the offer price is pegged at N525 per share with the mode of offer confirmed to be on fixed price basis.
Olaigbe further announced that the minimum subscription stands at 10 shares which implied that investors can earn shares from a minimum rate of N5,252.
This, according to the advisor, is aimed at ensuring that the shares are accessible and affordable for all Nigerians.
On the use of the proceeds gathered from the trade, Olaigbe disclosed that it be used for funding growth capital expenditure of the refinery.
Attached to the IPO is a retail investor incentive programme which will see retail investors receive two additional costs for maintaining the prescribed minimum shareholding for the applicable holding periods subject to obtaining requisite approvals.
In the event of an oversubscription, the issuer may absorb up to 30 percent of the Offer subject to the approval of the SEC
On the mode of application, Olaigbe disclosed that interested members of the public can apply through retail investors and electronic application.
They can also consult other qualified investors or apply through an investor application form.
The subscription is billed to formally open from 14th of September 2026 till its closure on the 15th of October 2026.
