Nigeria’s Dangote oil refinery on Monday signed offering documents with advisers and other parties involved in its initial public offering, a key milestone on its path to Africa’s biggest-ever share sale.
The offering will run from September 14 to October 13, according to a presentation shown at a ceremony in Lagos, the country’s commercial capital.
READ: Dangote refinery can be global jet fuel supplier, CEO says
The company plans to sell 4.1 billion ordinary shares at 525 naira each, potentially raising about 2.15 trillion naira ($1.63 billion) if fully subscribed.
In the event of over-subscription, the Dangote refinery and petrochemicals plant may issue up to 30% more shares than the base offer size, subject to regulatory approval, the presentation showed.
The listing will test investor appetite for one of Africa’s most ambitious industrial projects.
The 700,000-barrel-per-day refinery, built at a cost of about $20 billion on the outskirts of Lagos, has reshaped Nigeria’s fuel market and benefited from supply disruptions linked to the Iran war, exporting jet fuel across Africa and into Europe.
READ: Dangote has ‘strong intent’ for South Africa listing after Nigeria IPO
The plant is part of the sprawling business empire of Aliko Dangote, Africa’s richest man, who built his fortune in cement and also owns sugar and other businesses.
The IPO aims to raise funds for a planned doubling of the refinery’s capacity to 1.4 million barrels per day. The company has already secured a $400 million underwriting commitment.
Dangote told the signing ceremony he hoped the refinery would become the world’s largest single-train refinery by 2028.
- Nigeria's Dangote oil refinery signed offering documents on Monday for its initial public offering (IPO).
- The IPO offering will run from September 14 to October 13 and aims to sell 4.1 billion ordinary shares at 525 naira each.
- If fully subscribed, the IPO could raise about 2.15 trillion naira ($1.63 billion), with a possibility to issue 30% more shares subject to regulatory approval.
- The refinery, built at a cost of about $20 billion with a capacity of 700,000 barrels per day, plans to double its capacity to 1.4 million barrels per day using IPO proceeds.
- The refinery exports jet fuel across Africa and into Europe and is part of Aliko Dangote's business empire; the company has secured a $400 million underwriting commitment.
Nigeria's
READ:
In the event of over-subscription, the
READ:
