Nigeria's Dangote refinery aims to draw more retail investors than Aramco IPO, CEO says

Aliko Dangote, President and Chief Executive Officer of Dangote Group, signs a document during the signing ceremony for the Dangote Refinery initial public offering (IPO) in Lagos

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Nigeria's Dangote Petroleum Refinery is using Saudi Aramco's blockbuster listing as a benchmark for its own IPO in terms of retail subscribers, Chief Executive David Bird said on Tuesday.

Speaking at the Fujairah Energy Markets Forum, Bird said the refinery is targeting 10 million retail investors for its planned initial public offering.

Last month, Nigeria's Dangote Group launched Africa's largest share sale yet in an initial public offering of its oil refinery that could raise 2.15 trillion naira ($1.6 billion), if fully subscribed.

Aramco, which ‌raised $29.4 ⁠billion in its 2019 IPO by over-allotment of shares, had said it would sell up to 0.5% of the state oil giant to ⁠retail investors.

"Our benchmark is the Aramco listing, which I think (had) over 4.5 million retail subscribers," Bird ⁠said.

"So we are going to try and smash that with 10 million retail subscribers ⁠and we are well on our way."

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