Dangote Petroleum Refinery and Petrochemicals has completed a landmark $2.5bn private equity placement after the offer attracted demand more than three times the initial size.
The company said the transaction, which achieved a 3.7 times subscription rate, resulted in the issuance and allotment of approximately $2.5bn in new equity.
In a statement issued on Thursday, the company said, “Dangote Petroleum Refinery and Petrochemicals FZE (“DPRP” or the “Enterprise”) today announces the successful completion of its landmark Private Placement, which achieved 3.7 times subscription relative to the initial offer size and resulted in the issuance and allotment of approximately US$2.5 billion in new equity.
“This transaction is believed to be Africa’s largest publicly disclosed primary equity private placement by value.”
The company described the equity raise as a major milestone in its long-term funding strategy, noting that it was its first equity capital raise involving external investors beyond its legacy shareholder
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