Dangote Petroleum Refinery and Petrochemicals is preparing for an early December listing on the Nigerian Exchange Limited (NGX) following strong investor demand for its initial public offering (IPO).
The refinery’s N2.15 trillion IPO, which offered 4.1 billion ordinary shares at N525 each, closed on October 27 after the subscription deadline was extended by two weeks. Nairametrics
The offer reportedly attracted subscriptions worth about N6.4 trillion, nearly three times its initial target, according to sources cited by Reuters.
More than two million investors reportedly participated through digital subscription channels. Reuters
Under the revised timetable, the basis of allotment is expected to be submitted to the Securities and Exchange Commission (SEC) on November 10, with regulatory clearance targeted for November 17.
Successful investors are expected to have their shares credited to their Central Securities Clearing System accounts before trading begins on the NGX.
The proposed early December debut remains subject to regulatory approvals and completion of the allotment process.
The listing is expected to give investors an opportunity to own shares in one of Africa’s largest industrial projects while expanding the representation of Nigeria’s energy sector on the local stock market.
