By Udeme Akpan, Energy Editor
The Securities and Exchange Commission, SEC’s approval clears the way for a potential ₦2.15 trillion Initial Public Offering, IPO, giving public investors an opportunity to own a stake in one of Africa’s largest industrial assets.
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The proposed IPO of Dangote Petroleum Refinery and Petrochemicals FZE is shaping up to be a landmark transaction for Nigeria’s capital market.
The SEC approved the commencement of the offering, clearing the refinery’s draft offer documents and moving the transaction into its next phase.
Under the proposal, 4.1 billion ordinary shares will be offered at ₦525 per share. The SEC has also registered the company’s existing 120.13 billion ordinary shares.
For investors, however, the significance of the IPO goes beyond its headline size. The offer raises questions about valuation, future earnings, dividends, expansion, risks and the potential
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