Ahead of its initial public offer, the Dangote Petroleum Refinery and Petrochemicals has secured a $1bn underwriting programme structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group.
The programme comprises a completed and funded $600m private placement and a further $400m underwriting commitment in support of the refinery’s planned IPO.
In a statement on Tuesday, the Dangote Group said the $600m private placement had been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.
It added that Marob Strategies and Lilium Capital are now coordinating the distribution of the underwriting participation across Global Africa, engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
The response, according to the advisers, has been strong, reflecting growing institutional appetite for large-scale African assets capable of generating long-term economic value.
The programme is also expected to catalyse significant intra-African capital flows and help pave the way towards a more integrated African capital market under the auspices of the African Continental Free Trade Area.
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President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the transaction as an important milestone for both the refinery and African capital markets.
“This is an important milestone for DPRP and for African capital markets,” Dangote said, adding that the transaction reflected confidence in the refinery’s strategic role and created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.
“The successful completion of the…
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