Nigerians, especially investors, are anxiously waiting for the Dangote Refinery’s Initial Public Offer (IPO) which will open on Monday, September 14, at N525 per share.
The offer, which will close on October 13, has generated wide reactions, especially at the stock market where a lot of selling of other shares had taken place this past week as investors plan to move their money into the refinery stock.
According to Dangote Refinery, the IPO will let every Nigerian grab shares in Africa’s largest refinery with a minimum buy of 10 shares at N5,250, as it added that up to 4.1 billion shares are available for purchase.
While some have predicted that the share will hit N1,500 in the long run, others have called for caution, saying that there may be red flags, including insider dominance and execution risks, urging investors to do proper diligence.
According to reports, President of Dangote Group, Aliko Dangote, assured during a pre-IPO press conference that small investors would be given priority when the IPO is officially launched on Monday.
There are also indications that the IPO will be oversubscribed on Monday, the first day of its launch, based on how Nigerians have shown their desire in the last two weeks to buy the stock.
