Dangote Refinery IPO Values Company at ₦63.07tn, Equal to 39% of NGX

The Securities and Exchange Commission has approved Dangote Petroleum Refinery and Petrochemicals FZE’s proposed initial public offering, clearing the company to proceed with its completion board meeting and signing process. The offer involves 4.1 billion ordinary shares at ₦525 each. If fully subscribed, it would raise about ₦2.15 trillion. The regulator has also registered the refinery’s 120.13 billion existing shares for trading after listing. At the offer price, the refinery would have an implied valuation of ₦63.07 trillion. This is about 39% of the Nigerian Exchange’s current ₦161.20 trillion market capitalisation and could lift the total equities market value to roughly ₦224.27 trillion. The proposed public float is about 3.41% before any green-shoe option. It could meet liquidity and free-float requirements for possible inclusion in the FTSE Russell Frontier Market Index during a future rebalancing.

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