Investors Subscribe Billions Of Naira Minutes After Dangote Refinery IPO Opened — Aig-Imoukhuede

The $1.6 billion Initial Public Offering of Dangote Petroleum Refinery attracted billions of naira in subscriptions within minutes of opening on Monday, with thousands of investors already on board, chairman of Access Holdings Plc, Aigboje Aig-Imoukhuede, has said.

Aig-Imoukhuede, a former chairman of the Nigerian Exchange (NGX), disclosed this at the Facts Behind the Figures presentation at the NGX in Lagos.

“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,” he said.

The chairman of NGX Group, Alhaji Umaru Kwairanga, corroborated the claim, saying subscription had crossed N10 billion before 8:00am.

“From eight o’clock today, we are talking of over 10 billion and above that have already joined,” Kwairanga said.

The IPO, the largest in African capital market history, seeks to raise $1.6 billion and will run from September 14 to October 13, with listing scheduled for November. The offer targets 10 million shareholders across Africa.

Proceeds will be used to scale the refinery’s nameplate capacity from 700,000 barrels per day to 1.4 million bpd by 2030.

At the offer price of N525 per share, the refinery is valued at $49 billion. Analysts estimate the listing could expand NGX market capitalisation, which stood at N157.6 trillion at market open on Monday, by one third.