Dangote Refining's Historic IPO Integrates Stablecoins and Blockchain Infrastructure
Africa's largest refining company, Dangote Refining, has launched its initial public offering (IPO) with an innovative on-chain subscription using stablecoins.
The combination of traditional stock markets and blockchain-based investment infrastructure is introducing a new way to invest in Africa's capital markets.
According to the prospectus, the IPO will sell approximately 3% of existing shares, valuing the company at about $49 billion. The minimum subscription amount is set at stablecoins or dollars equivalent to 10,000 naira, and the offer price for Dangote Refining is 525 naira per share.
The on-chain subscription using stablecoins is being offered through financial platform NextaFi, which has secured over 22,000 users and processed cumulative transactions worth $2 billion. The total number of shares on offer is 4.1 billion, and if all shares are subscribed, it can raise up to 2.15 trillion naira.
The IPO is being carried out by selling part of existing shareholders' stakes rather than issuing new shares, with subscriptions running until October 13. Early on-chain demand has been confirmed, with a total of 761,905 DPRI tokens issued and holdings by buyers accounting for about 2.3% of the total issuance.