Aliko Dangote, chief executive officer (CEO), Dangote Group, says the Dangote Petroleum Refinery and Petrochemicals FZE proposed initial public offering (IPO) has a minimum subscription requirement of 10 ordinary shares, culminating in N5,250.
Dangote spoke during a signing event in Lagos on Monday.
He said the refinery IPO comprised an offer of 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of N525 per share.
“In this IPO, we intend to raise just a bit more than N2 trillion, which I’m sure is too small, at an offer price of N525 naira, with a minimum subscription of only 10 shares to fund our expansion of the refinery,” he said.
