Billions of naira subscribed by investors within minutes of Dangote Refinery’s IPO opening

Dangote Refinery, which kicked off its Initial Public Offering (IPO) on Monday morning, attracted billions of naira within minutes of opening from thousands of investors, Aigboje Aig-Imoukhuede, the chair of Nigeria’s biggest lender, Access Holdings, said at the Facts Behind the Figures at the Nigerian Exchange (NGX) in Lagos.

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“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, said Mr Aig-Imoukhuede, a one-time chairman of the bourse.

The IPO is out to raise $1.6 billion across Africa, with ten million shareholders targeted. It runs from 14 September through 13 October, with the listing planned for November.

The proceeds from the landmark offer, the biggest-ever initial public share sale on the continent, will be committed to scaling up the nameplate capacity of the crude oil processing plant from its current 700,000 barrels per day to 1.4 million by 2030.

READ ALSO: How to buy Dangote Refinery shares through FirstMobile, FirstOnline, branch subscription as IPO opens Monday

The IPO values the refinery at $49 billion, with the potential listing of the corporation expected by analysts to expand the market capitalisation of the NGX, standing at N157.6 trillion at market open on Monday, by one third.

“From eight o’clock today, we are talking of over 10 billion and above that have already joined,” NGX chairman Umaru Kwairanga said, corroborating Mr Aig-Imoukhuede’s assertion.

Africa’s richest man, Aliko Dangote, declared the market and the Facts Behind the Figure ceremony open around 09:35 West African Time in Lagos, with a number of dignitaries in attendance.

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The event was attended by the refinery’s CEO, David Bird; the vice president, Oil & Gas and Fertiliser Dangote Group, Edwin Devakumar; the CEO of Nairobi Stock Exchange, Frank Nwiti, the chairperson of Botswana Stock Exchange, Neo Mooki; the Ooni of Ife, Oba Adeyeye Ogunwusi, among others.

Other notable personages included Jim Ovia, founder and chairman of Zenith Bank; Benedict Okey Oramah, the immediate past chairman of African Export-Import Bank and the CEO of Zenith Bank, Adaora Umeoji.