Africa’s richest man, Aliko Dangote said that the long-anticipated initial public offering (IPO) for the continent’s largest oil facility—the Dangote Refinery will open on September 14.
The stock will be offered at N525 per share, he said.
The IPO will involve the issuance of 4.1 billion shares. The pricing structure targets a net capital raise of $1.55 billion to $1.80 billion.
The IPO is coming at an indicative price range of N500 to N595 ($0.38 to $0.45) per share, with a mid-point valuation based on N525 per share raising approximately $1.5 billion.
The offer includes a 15 percent over-allotment (green shoe) option to accommodate excess demand from institutional investors, domestic pension funds, and regional African buyers.
The order book is scheduled to open formally on September 14, 2026. Primary proceeds are earmarked to fund the expansion of the Lagos mega-refinery from its current 700,000 bpd operational baseline to 1.4 million bpd.
“So our dream is that we want to make sure we double the capacity of the refinery … which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” Dangote told investors and analysts in Botswana, while visiting the Southern African country.
The Dangote Petroleum Refinery is a massive milestone for African industrialisation and global energy markets. Located in the Lekki Free Zone near Lagos, Nigeria, it stands as the largest single-train refinery in the world.
Read also: Market eyes Sept. 14 date for Dangote Refinery IPO
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Read Full Article by Iheanyi Nwachukwu at businessday.ng
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