BREAKING: Dangote Refinery sets minimum subscription for $1.6 billion IPO
Likewise, an IPO on this scale could offer a template to similarly big Nigerian companies raring to become public quoted firms and, by so doing, unlock access to financing through the capital market.5bn private placement Potential model for aspiring companies The IPO’s launch on 14 September will ride on the improved liquidity Nigeria expects to attract from foreign portfolio capital, following the country’s restoration to frontier market status by FTSE Russell after a near-three-year downgrade that bogged it down under unclassified market status, consequently deterring international investors.
State-owned energy company NNPC Limited has been fiddling with the idea of going public and holding an IPO since 2021 after transitioning into gaining limited liability status, reviving the talks around the push last November.
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