Botswana set as Southern African hub in Dangote Refinery IPO

Botswana got selected as the host venue for the southern African portion of the initial public offering of the continent’s largest oil refinery, giving the relatively small market a key role in the region’s biggest listing to date.

The Southern African Development Community’s bourses have selected Botswana as the host for trading in shares of Dangote Petroleum Refinery And Petrochemicals Fze, said Collen Tapfumaneyi, the chairman of the Committee of SADC Stock Exchanges, which has 14 members.

“We’ve then agreed that one amongst us becomes the host trading venue to reduce any complications,” he said at an event in Gaborone Wednesday.

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The Botswana unit of Nigeria’s Access Bank Plc will act as a depository receipt issuer in the country, said Sheperd Aisam, the lender’s managing director in the country. Dangote expects to raise $500 million through the Botswana depositary receipts, said Duduetsang Chappelle-Molloy, Access’s local head of marketing.

The refinery owned by Africa’s richest man, Aliko Dangote, seeks to raise $1.6 billion from investors in its IPO by selling 4.1 billion shares.

“We have more than reached our target,” he said in Gaborone, saying the refinery has had interest of “more than three times or four times what we are looking for.”

This week, the firm extended the IPO by two weeks to 27 October “to make sure” people can participate, he said.

The company has received interest from investors in all African countries barring Comoros, São Tomé and Príncipe, and Seychelles, Dangote Industries Chief Financial Officer Murat Erden said.

On Tuesday, Ethiopia’s capital-markets regulator cleared Dangote Petroleum to offer securities linked to the IPO to as many as 100 so-called qualified investors in the country only, it said in a post on its X account.

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