Dangote Refinery’s historic initial public offering (IPO) attracted more than N10 billion in subscriptions within minutes of opening on Monday, with thousands of investors participating in the offer.
Aigboje Aig-Imoukhuede, chairman of Access Holdings, disclosed the strong early demand during the Facts Behind the Figures ceremony at the Nigerian Exchange (NGX) in Lagos.
“With this particular, sterling, historic offer and what I have seen in the data room, where already billions of naira have been subscribed by thousands of investors within minutes or under an hour, you are a blessing to humanity,” Mr Aig-Imoukhuede said.
The NGX chairman, Umaru Kwairanga, separately confirmed the scale of early investor participation, saying more than N10 billion had already been subscribed shortly after the market opened.
“From eight o’clock today, we are talking of over 10 billion and above that have already joined,” Kwairanga said.
The IPO, which opened on Monday, is targeting $1.6 billion in subscriptions across Africa and aims to attract 10 million shareholders. The offer will run from 14 September to 13 October, with the refinery’s listing expected in November.
Proceeds from the landmark offering will be used to expand Dangote Refinery’s crude oil processing capacity from its current 700,000 barrels per day to 1.4 million barrels per day by 2030.
The offering values the refinery at $49 billion. Its potential listing is expected by analysts to significantly increase the market capitalisation of the NGX, which stood at N157.6 trillion at Monday’s market opening.
Africa’s richest man and founder of the refinery, Aliko Dangote, formally declared the market and the Facts Behind the Figures ceremony open at about 9:35 a.m. West African Time in Lagos.
The ceremony was attended by several prominent business and political figures, including Dangote Refinery CEO David Bird; Dangote Group’s Vice President, Oil & Gas and Fertiliser, Edwin Devakumar; Nairobi Stock Exchange CEO Frank Nwiti; Botswana Stock Exchange Chairperson Neo Mooki; and the Ooni of Ife, Oba Adeyeye Ogunwusi.
Other notable attendees included Jim Ovia, founder and chairman of Zenith Bank; Benedict Okey Oramah, immediate past president and chairman of the African Export-Import Bank; and Zenith Bank CEO Adaora Umeoji.
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