The Dangote Petroleum Refinery and Petrochemicals has signed its initial public offering (IPO) documents with advisers and other parties involved in the proposed offer, ahead of its proposed opening on September 14.
The documents were signed on Monday at a preliminary signing ceremony for the proposed IPO of the refinery.
Speaking at the event, Chuka Eseka, group managing director and chief executive officer of Vetiva Capital Management Limited, said the refinery was expected to list its shares in November 2026.
“Everything has been particularly tailored so that the issuer can come to the market, meet all the disclosure requirements of the Nigerian capital markets, and at the same time, have the opportunity to express the strength,” he said.
“For example, the dollar-denominated company dividends are going to be paid in dollars, and many other interfaces that the regulator worked with us.”
Presenting the details of the IPO, Olutade Olaegbe, managing director (MD), investment banking, Vetiva Capital Management Limited, said the offer would open on September 14, subject to the approval of the Securities and Exchange Commission (SEC).
He said the offer would run for about a month and close on October 13.
Details of the IPO, presented by Olaegbe, show that the refinery will list on the main board of the Nigerian Exchange (NGX) and all shares offered in the transaction will have rights and ranking equally with the existing ordinary shares of the refinery.
According to the MD, the offer is valued at about N2.15 trillion ($1.6 billion), with the refinery targeting participation from up to 10 million retail investors.
Olaegbe said the offer has a minimum subscription of 10 shares, meaning investors can participate with N5,250, based on the offer price of N525 per share, with subsequent subscriptions made in multiples of 10 shares.
He said the proceeds from the offer will be used to fund growth capital expenditure for the Dangote refinery, while the shares will be offered at a fixed price.
The managing director said all investors would subscribe at the same offer price, with payment required in full upon application.
Dangote refinery also introduced an incentive programme for retail investors, which will allow eligible participants to receive up to two additional shares if they maintain their holdings for a prescribed minimum period to be specified in the prospectus.
The offer also includes an oversubscription provision under which the issuer may increase the size of the offer by up to 30 percent, according to the MD, subject to approval by the SEC, depending on the level of demand.
For retail investors, applications will be made exclusively through electronic channels, including participating bank applications, specified fintech platforms and stockbroking platforms.
The refinery said qualified institutional investors will be able to subscribe electronically or complete investor application forms and submit them through receiving agents listed in the offer document.
Aliko Dangote, chief executive officer (CEO) of Dangote Group, had said the refinery’s proposed IPO has a minimum subscription requirement of 10 ordinary shares, culminating in N5,250 per unit.
