Dangote refinery targets $5 billion IPO by October in Africa’s biggest market listing
Dangote Petroleum Refinery & Petrochemicals is targeting a $5 billion initial public offering (IPO) expected to conclude by October, in what could become the largest stock market listing in African history.
Dangote Petroleum Refinery & Petrochemicals is targeting a $5 billion initial public offering (IPO) expected to conclude by October, in what could become the largest stock market listing in African history.
The planned listing was reported by Reuters on Tuesday, citing two undisclosed sources familiar with the transaction.
According to the report, the IPO application has already been submitted to Nigeria’s Securities and Exchange Commission (SEC), with approval expected in the coming weeks and a prospectus likely to be published in September.
The planned public listing comes less than two weeks after Dangote Petroleum Refinery confirmed the successful completion of a $2.5 billion private placement, marking one of the largest corporate fundraising transactions by an African company.
The proposed IPO, which could become the biggest market listing ever undertaken in Africa, has attracted significant interest from investors and capital market operators across the continent.
The source added that while the IPO is targeting $5 billion, the final amount will depend on regulatory approval, with the primary listing expected to take place on the Nigerian Exchange.
On Thursday, July 23, Dangote Petroleum Refinery confirmed the successful completion of a $2.5 billion private placement, which the company described as one of the largest corporate fundraising transactions by an African company.
The company said the fundraising exercise was oversubscribed, with proceeds earmarked to support the ongoing expansion of the Dangote Petroleum Refinery and Petrochemicals complex.
The latest fundraising also aligns with an earlier Nairametrics report published in April, which said billionaire industrialist Aliko Dangote was considering listing around 10% of Dangote Petroleum Refinery & Petrochemicals FZE on multiple African stock exchanges as part of efforts to raise funding for the next phase of expansion across his industrial businesses.
A successful $5 billion IPO would have significant implications for both Nigeria’s capital market and the Dangote business empire.
The listing could become one of the largest additions to the Nigerian Exchange in recent years and would represent a substantial share of the market’s total capitalisation, potentially increasing liquidity and attracting more foreign institutional investors.
The refinery listing is also part of a broader capital markets push across the Dangote Group.
Dangote Cement is expected to pursue a London listing before the end of the year, according to Mariya Dangote, Executive Director overseeing the group’s cement and foods businesses, signalling a wider strategy to access international capital markets for future expansion.
