Dangote Refinery is targeting ten million retail investors for its planned initial public offering.
The group’s chief executive David Bird disclosed this on Tuesday.
The group’s chief executive David Bird disclosed this on Tuesday.
Bird said the refinery was using Saudi Aramco’s listing as a benchmark for the IPO and expected to “smash that” target.
Speaking at the Fujairah Energy Markets Forum, Bird said the refinery is targeting 10 million retail investors for its planned initial public offering.
Speaking at the Fujairah Energy Markets Forum, Bird said the refinery is targeting 10 million retail investors for its planned initial 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