Nigeria's Dangote refinery looks to raise $1.6 bn in IPO
- The Lagos-based Dangote Petroleum Refinery announced an initial public offering of 4.1 billion ordinary shares at 525 naira each, potentially raising $1.6 billion if fully subscribed.
- Aiming to double capacity to 1.4 million barrels a day, the refinery seeks to address Africa's heavy reliance on imported fuel; the continent currently imports more than 70 percent of its refined fuel annually, per the Africa Finance Corporation.
- Nigeria's Securities and Exchange Commission approved the IPO, describing it as potentially one of the "largest capital market transactions in Nigeria's history." The listing is expected on September 14.
- The refinery is planning a 700,000-barrel-per-day facility in Lamu, Kenya, with groundbreaking set for September 30, building on $2.5 billion in private investment secured in July.
- Founder Aliko Dangote, whose net worth is estimated at $31.5 billion by Forbes, aims to reduce "Africa's reliance on imported refined products" and strengthen the "continent's energy security" through the expansion.
23 Articles
23 Articles
Nigeria clears $1.6bn Dangote Refinery IPO, testing investor appetite at $47bn valuation
The refinery IPO is a major test of whether Nigeria’s domestic capital market can absorb a record-sized listing as investors weigh Dangote’s expansion plans against crude-supply and margin risks.
Dangote Petroleum Refinery set for landmark IPO following SEC approval
… Proposed 4.1bn share offer could raise approximately ₦2.15trnBy Udeme Akpan The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE, paving the way for what could become one of the largest capital market transactions in Nigeria’s history. The approval was conveyed […]
Nigeria's Dangote refinery looks to raise $1.6 bn in IPO
Lagos-based Dangote Petroleum Refinery is aiming to raise funds to double its capacity to 1.4 million barrels a day, which would make it the world's largest refinery, surpassing Jamnagar in India. When it goes public, the group will offer "4.1 billion ordinary shares at 525 naira each, which could raise approximately 2.15 trillion naira ($1.6 billion) if fully subscribed", the company said in a statement. The listing is expected on September 14,…
Dangote Refinery shares priced at ₦525 as SEC approves IPO
SEC approves Dangote Refinery’s Initial Public Offering, with shares priced at ₦525. Learn how this IPO could raise ₦2.15tn for Nigeria’s largest refinery. Read More: https://punchng.com/dangote-refinery-shares-priced-at-%e2%82%a6525-as-sec-approves-ipo/
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