Nigerian billionaire Aliko Dangote launched Africa’s largest share sale to date today, opening the initial public offering of his oil refinery and giving retail investors a chance to own a stake in the plant.
The offer of 4.1 billion ordinary shares at 525 naira each opened at 0800 local time and will close on October 13.
If fully subscribed, it would raise 2.15 trillion naira ($1.6 billion), a figure that could rise to roughly $2.1 billion if the offer is oversubscribed and the company exercises a greenshoe option to issue additional shares.
Dangote has marketed the offer directly to ordinary Nigerians, who can participate by buying as few as 10 shares through fintech and other digital investment platforms.
The low entry threshold is designed to widen participation beyond institutional investors, giving retail buyers across the country a route into the offering.
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The refinery processes 700,000 barrels of crude a day and aims to raise that to 1.4 million barrels by 2029. Based on the share sale, the offer values the plant at about $47 billion, according to Reuters calculations.
Dangote has said he expects interest in the IPO to mirror a private placement held in July, which was 3.7 times oversubscribed.
