Dangote refinery IPO falls short of 10 million-investor target

Aliko Dangote said the Dangote refinery IPO fell short of its target of 10 million investors, citing time constraints and difficulties accessing the offer. He said millions had participated but that the final number had not yet been confirmed. The “People’s IPO” offered 4.1 billion shares at 525 naira each and received about 6.4 trillion naira in orders, nearly three times the targeted offer size. More than two million investors had subscribed digitally before the offer closed, with applications coming from 120 countries.