Investors applied for 11.15 billion shares worth N5.85 trillion in the Dangote Refinery initial public offering, against the 4.1 billion shares offered at N525 each, a 172 per cent oversubscription.
About 3.8 million subscribers, or 84.39 per cent of applicants, were retail investors, but three subscribers accounted for 46.72 per cent of demand. The base offer targeted N2.15 trillion, and the Securities and Exchange Commission cleared absorption of up to 30 per cent additional oversubscription. Bloomberg put the bid value at $4.1 billion.
Source: Nairametrics
