Biggest IPO in African History? Dangote Refinery Targets $5bn as due date Nears

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Dangote Refinery plans to raise $5 billion through an IPO to expand its refining capacity from 650,000 to 1.4 million barrels/dayThe planned IPO could become Africa’s biggest-ever stock market listing, pending approval from Nigeria’s SEC.The refinery also plans to attract investors across Africa and is considering building another refinery on Kenya’s coast

Dangote Petroleum Refinery & Petrochemicals FZE is preparing to raise about $5 billion through an Initial Public Offering (IPO) expected to be completed in October, with the funds set aside to expand the refinery’s processing capacity from 650,000 barrels per day to 1.4 million barrels per day.

According to a Reuters report, the planned share sale is expected to rank as Africa’s largest stock market listing if successfully completed.

Aliko Dangote targets Africa’s Record-Breaking IPO as Refinery Seeks $5 Billion Expansion Fund
Source: UGC

Sources familiar with the transaction disclosed that the company has already filed an initial application with the Securities