The SEC has approved the proposed IPO of Dangote Petroleum Refinery and Petrochemicals, with a public offer of 4.1bn shares at NGN525.0 per share, potentially raising NGN2.2trn and listing on the NGX in October.
The proceeds will support the refinery’s expansion from 650,000 barrels per day to 1.4mn barrels per day, strengthening its long term earnings and growth prospects.
The IPO is expected to attract strong investor interest, with some portfolio repositioning possible, while the listing could boost NGX market capitalisation, investment opportunities and foreign investor interest.
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