Dangote Refinery IPO to open Sept 14 at N525

The initial public offering for Nigeria's Dangote Petroleum Refinery is set to open on September 14, with shares priced at N525 each, marking a landmark transaction for the country's capital market. The Securities and Exchange Commission has approved the commencement of the IPO, which involves the sale of 4.1 billion ordinary shares. This offering could raise approximately N2.15 trillion if fully subscribed at the indicative price. The regulatory approval, conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, clears the refinery's draft offer documents and authorizes the company to proceed with its completion board meeting and signing ceremony. The SEC has also registered the company's existing 120.13 billion ordinary shares. A formal signing ceremony with the Nigerian Exchange is scheduled for the week of September 7. The IPO represents a significant development for the 700,000-barrel-per-day refinery, which began operations in Lagos in early 2024.