Nigerian industrialist Aliko Dangote opened his refinery to public ownership Monday with plans to raise $1.6 billion from retail investors across the continent in Africa’s biggest initial public offering, or IPO.
Dangote, Africa's richest man, dubbed the IPO one "for the people” and said he wants everyone to be able to own a share. Retail investors can buy shares in the sprawling Lagos-based refinery for 5,250 naira ($4) per share with a minimum purchase of 10 shares. Dangote retains 87% ownership of the refinery, Africa's largest.
