The Securities and Exchange Commission has approved the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE, with the shares priced at N525 each.
The offer covers 4.1 billion ordinary shares and could raise about N2.15tn if fully subscribed, according to details reported on Friday.
Punch reported that the SEC approval cleared the refinery’s draft offer documents and allowed the company to proceed with its completion board meeting and signing ceremony. Premium Times, citing Reuters, reported that the order book is expected to open to retail investors on September 14.
The transaction is expected to be one of Africa’s largest public share sales. Premium Times reported that the plant may sell an additional 15 per cent of the offer size if the transaction is oversubscribed.
The approval follows earlier comments by Aliko Dangote that the refinery’s IPO would open within about two weeks.
Sources: Punch, Premium Times
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