How Nigerian investors should prepare before subscribing
After more than two years of delays and speculation, the Dangote Refinery IPO has entered its final regulatory phase. Dangote Petroleum Refinery has submitted its application to the Securities and Exchange Commission for what could become the largest initial public offering in African capital markets.
Subject to regulatory approval, the prospectus is expected in September, with the public offer targeted for October. The transaction is expected to raise about $5 billion, valuing the refinery at between $40 billion and $50 billion.
For investors, the question is no longer whether the IPO will happen. It is whether they will be ready when subscriptions open. The listing is significant not only because of its size but also because it gives investors access to one of Africa’s largest industrial assets. Built at an estimated cost of $20 billion, the refinery has reached its nameplate capacity of
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