Dangote Expects To Raise 10m Retail Investors From Public Offering

Last month, Nigeria’s Dangote Group launched Africa’s largest share sale yet in an initial public offering of its oil refinery that could raise 2.15 trillion naira ($1.6 billion), if fully subscribed.

Aramco, which raised $29.4 billion in its 2019 IPO by over-allotment of shares, had said it would sell up to 0.5% of the state oil giant to retail investors.

“Our benchmark is the Aramco listing, which I think (had) over 4.5 million retail subscribers,” Bird said.

“So we are going to try and smash that with 10 million retail subscribers and we are well on our way