Dangote Petroleum Refinery & Petrochemicals FZE is targeting about $5bn through an Initial Public Offering expected to conclude in October, with the proceeds earmarked to expand its Lagos refinery’s capacity to 1.4 million barrels per day.
According to a Reuters report on Tuesday, the proposed transaction could become Africa’s biggest-ever stock market listing.
Sources familiar with the transaction said the refinery had submitted an initial application to the Securities and Exchange Commission and was awaiting regulatory approval in the coming weeks. Subject to approval, the company is expected to publish its prospectus in September ahead of the October share sale.
One source familiar with the transaction said the refinery was targeting a $5bn fundraising, although the final amount would depend on the approval granted by the Nigerian regulator.
“The IPO’s target was $5bn, but the final figure will depend on what the Nigerian regulator approves, as the primary listing will
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