<\/p>\n
Aliko Dangote and his financial advisers signed registration documents for the initial public offering of his refinery business as Africa\u2019s richest man takes a key step toward launching the continent\u2019s biggest share sale to date.<\/p>\n
Dangote Petroleum Refinery and Petrochemicals FZE seeks to raise $1.6 billion from investors through an offer of 4.1 billion shares at 525 naira ($0.40), according to the signed prospectus. The IPO, which values the company at $49 billion, is scheduled to open September 14 and close October 13.<\/p>\n
\u201cThe refinery means too much to our continent,\u201d Chairman Dangote said at the signing of the documents that will transition the firm to a public company. \u201cWe can\u2019t industrialise if we don\u2019t have energy security.\u201d<\/p>\n
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Dangote earlier appointed Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap to advise on the deal.<\/p>\n
The minimum subscription is 10 shares the listing is expected in November, Vetiva Capital Management Chief Executive Officer Chuka Eseka said.<\/p>\n
The offer targets 10 million retail investors, FirstCap CEO Ukandu Eme Ukandu said.<\/p>\n
The IPO follows a private placement that raised $2.5 billion, with subscription at 3.7 times more than the initial target and participation by investors including Africa Finance Corp. and African Export-Import Bank.<\/p>\n
Proceeds from the private placement and public offering will help the refinery fund a doubling of capacity to 1.4 million barrels a day by 2028, from about 700 000 barrels. The plant, which took 11 years and $20 billion to build, has transformed Nigeria from a net importer of petroleum to an exporter, helping to ease Iran war-related supply shocks in several countries.<\/p>\n
Dangote is a familiar name with African investors and has an empire that spans publicly traded companies in sugar production and building materials.<\/p>\n
Nigeria\u2019s equities gauge has climbed 73% in dollar terms this year, making it the best performer globally after South Korea\u2019s.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Aliko #Dangote #investment #banks #sign #Africas #biggest #IPO<\/p>\n","protected":false},"excerpt":{"rendered":"
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