Investors subscribed to shares worth about N1.48 trillion within the first hour the Dangote Petroleum Refinery and Petrochemicals IPO opened on the Nigerian Exchange.
According to the Nigerian Exchange Group, Monday’s 4.1 billion-share offering at N525 per share attracted strong interest as soon as trading began.
The issue, which is expected to raise about 2.15 trillion naira, will be open for subscription until October 13, 2026, as it targets a large public offering.
As of Monday, 402,634 transactions worth N1,476,171,994,112 had been recorded shortly after the commencement of trading on the exchange.
The News Chronicle reports that the IPO, which has an allotment of 4,109,500,000 ordinary shares, is being made available on about 55 electronic platforms, including banks, mobile money networks, fintech companies, and the NGX Invest platform.
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This makes it one of the most widely distributed IPOs in Nigeria’s capital market history.
The minimum subscription is set at 10 shares worth N5,250 before transaction fees are deducted, allowing more Nigerians to access the offering.
According to Dangote Group President Aliko Dangote, the IPO aims to provide an opportunity for more Nigerians to benefit from the refinery.
It will also have a 30% greenshoe option to meet demand and an incentive scheme for qualifying retail subscribers to subscribe for additional shares.
