Africa’s richest man, Aliko Dangote said that the long-anticipated initial public offering (IPO) for the continent’s largest oil facility—the Dangote Refinery will open on September 14.
The stock will be offered at N525 per share, he said.
The IPO will involve the issuance of 4.1 billion shares. The pricing structure targets a net capital raise of $1.55 billion to $1.80 billion.
The IPO is coming at an indicative price range of N500 to N595 ($0.38 to $0.45) per share, with a mid-point valuation based on N525 per share raising approximately $1.5 billion.
The offer includes a 15 percent over-allotment (green shoe) option to accommodate excess demand from institutional investors, domestic pension funds, and regional African buyers.
