Dangote Refinery IPO Opens as Investment Apps Are Overwhelmed

• • 1 min read
Dangote Refinery IPO Opens as Investment Apps Are Overwhelmed

LAGOS — The Dangote Petroleum Refinery's initial public offering of 4.1 billion shares at N525 each opened on 14 September, aiming to raise N2.15 trillion. Investment apps including Bamboo and Cowrywise were overwhelmed by demand, and NGX Chairman Umaru Kwairanga said more than N10 billion was subscribed within hours. Aliko Dangote said the group has about $46 billion for expansion and aims for a market value of at least $350 billion by 2030. The SEC urged investors to use only approved channels.

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