Dangote Refinery IPO to open within 10–12 days
Aliko Dangote says the initial public offering of his Nigerian refinery business will open within the next 10 to 12 days, marking a major step toward listing Africa’s largest refinery on the public market.
Dangote made the announcement while speaking to investors and analysts in Botswana, saying the company plans to use the capital raised to expand the refinery’s capacity from about 650,000 barrels per day to 1.4 million barrels per day.
Sources familiar with the proposed sale told Reuters that about 4.1 billion shares could be offered at between 500 and 595 naira per share. At that price range, the IPO could raise between $1.55 billion and $1.8 billion, although the final size, price and terms are yet to be formally confirmed.
The order book for the offering is expected to open around September 14, according to one source. The planned listing has been widely anticipated and could become one of Africa’s largest-ever public offerings.
The Dangote refinery, located near Lagos, is expected to play a major role in reducing Nigeria’s reliance on imported petroleum products and could reshape fuel supply across West Africa, including Ghana.
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