GetEquity lists tokenized Dangote Refinery IPO tokens on Solana and Base

Tokenized versions of Africa's largest equity raise, the Dangote Refinery initial public offering (IPO), have now gone live on the public blockchain networks Base and Solana enabled by investment platform GetEquity. 

Quick facts: Dangote Refinery announced that it was offering 4.1 billion ordinary shares at 525 naira per share with a target to raise 2.15 trillion naira towards expanding operations. 

• These shares are initially listed and settled on the Nigerian Exchange (NGX) through a handful of licensed brokers and sub-brokers, per the IPO’s prospectus. 

Dive Deeper: GetEquity provides the infrastructure behind the onchain version of the IPO on Base and Solana. 

• The firm serves as sub-broker and custodian for the underlying shares and issues DPRI tokens representing subscribed shares onchain. 
• The DPRI market is paired with the cNGN stablecoin. On Base, GetEquity provides the DPRI market directly, while crypto fintech NectarFi provides the user-facing route on Solana. 
• In addition, NectarFi and investment platform Hisa offer a stablecoin subscription route that lets users buy conventional IPO subscriptions with stablecoins.  
• Payments are made to the platforms with stablecoins, but IPO purchases are settled through the Nigerian Exchange rather than onchain. 

By the numbers: At the moment, GetEquity wants to sell 200 million naira worth of the IPO across both networks at once, at a fixed 525-naira price per token. 

• The full number of tokens are minted on both chains at the same time — 380,952.38 apiece — twice the number of GetEquity’s onchain allocation, but low investor holdings means the offer has not been oversubscribed. 
• Onchain data shows that more than 26,000 tokens have been bought so far, 85% of which were purchased on Solana. 
• The data further shows that the cNGN vaults are short of subscribers’ holdings, suggesting that holders cannot immediately redeem their DPRI for cNGN at once due to insufficient liquidity. 

Why this matters: On a call with Mariblock, GetEquity's CEO Jude Dike said the firm's effort to tokenize the IPO is for the sole purpose of expanding access to the offering for offshore users. 

• Conventional NGX subscription channels require investor identification and KYC information, creating barriers for non-Nigerians seeking direct access to Nigerian equities. 
• GetEquity’s nominee structure allows investors outside Nigeria to access the IPO without opening accounts with Nigerian brokers while retaining their economic rights to the underlying shares. 
• According to Jude, more than 90% of its confirmed 160 buyers purchased DPRI from outside Nigeria, affirming the demand for an onchain version of the IPO accessible from anywhere in the world. 

Zoom out: Real-world asset (RWA) tokenization is gaining more attention not just in Nigeria but globally as well. 

• The Nigerian Securities and Exchange Commission (SEC) has organized an event slated to hold at the end of the month to discuss RWA tokenization and opportunities in it for African economies.