Nigeria’s $1.6 billion Dangote refinery initial public offering has drawn about three times the total targeted orders, Reuters reported, underscoring strong demand for what has been billed as “The People’s IPO”.
The share sale, which closed on Tuesday, has about N6.4 trillion ($4.78 billion) of orders from Nigerian retail and institutional investors, one person involved told Reuters.
Aliko Dangote, the billionaire owner of the Lagos refinery, has said the sale is targeting millions of ordinary Nigerians and Africans who can buy shares with as little as $4.
He said in a statement on Wednesday all 54 African countries had participated in the IPO while applications were received from 120 countries, calling it “a historic achievement.”
The order book is expected to grow once subscriptions from investors in other African countries are included, one of the people said, adding that Dangote had received subscriptions from more than 2 million investors through digital channels so far.
Given the demand, Dangote was expected to exercise a greenshoe option that would allow it to increase the size of the offering to as much as $2.1 billion.
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