The Securities and Exchange Commission has approved the commencement of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for the company to raise approximately N2.15tn from the Nigerian capital market.
According to a statement by the Dangote Group on Friday, the approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
According to the statement, the proposed offer comprises 4.1 billion ordinary shares at N525 per share, which could raise approximately N2.15tn if fully subscribed.
The SEC has also registered the company’s existing 120.13 billion ordinary shares. The statement said the regulatory approval had cleared the refinery’s draft offer documents and authorised the company to proceed with its completion board meeting and signing ceremony.
“The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its completion board meeting and signing ceremony, marking a significant milestone in the IPO process,” the statement said.
