Dangote Flour Mill

nancy

There is nothin wrong with Dangote flour, they are not in the daily stock list because they are not listed on the Nigerian Stock Exchange yet.
The 18.75 billion naira initial public offering by Nigeria's Dangote Flour Mills has received applications for more than six times the shares on offer, the company and issuing houses said on Monday.

Dangote offered 1.25 billion shares at 15 naira each in an IPO that closed in October and received applications for 7.8 billion shares, the banks and brokerages involved said in a notice.

The IPO was 621 percent subscribed after applications for 125.43 million shares were rejected because they did not comply with the terms of the offering, the notice said.

"This level of subscription is unprecedented in the history of initial public offerings in the Nigerian capital market," the company said in a statement.

It said as a result of the oversubscription, most interested investors were allotted only a fraction of what they applied for and would have the bulk of their monies returned to them with interest.

The IPO was to enable the company to meet the listing requirements of the Nigerian Stock Exchange and broaden the shareholder base of the mill, which is a unit of Nigeria's leading private conglomerate, Dangote Industries Ltd.

The issue came on the heels of a $420 million IPO by sister company Dangote Sugar Refinery, which was 140 percent subscribed.