President of Dangote Industries Limited, Aliko Dangote, said the Dangote Group has secured about $46bn to finance its group-wide expansion plans as it targets a market capitalisation of at least $350bn by 2030. He spoke as the Dangote refinery IPO officially opened its initial public offering on Monday, offering 4.1 billion ordinary shares at N525 each. The offer will close on October 13, with a minimum subscription of 10 shares at N5,250, and is expected to raise N2.15 trillion if fully subscribed. Dangote formally opened the offer by sounding the gong at the Nigerian Exchange in Lagos, describing it as the 'People's IPO' that will democratise wealth creation.
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