Dangote Group advances IPO preparations for refinery business

Aliko Dangote just moved one step closer to pulling off the biggest IPO Africa has ever seen. On September 7, the billionaire and his advisory team signed registration documents in Lagos for the initial public offering of Dangote Petroleum Refinery & Petrochemicals FZE, a formality that carries enormous weight for Nigerian capital markets. The IPO is set to offer 4.1 billion ordinary shares priced at ₦525 (roughly $0.40) each. If fully subscribed, that works out to a base raise of approximately ₦2.15 trillion, or about $1.63 billion. There’s also a 15% greenshoe option on top of that, meaning the total haul could climb even higher. The numbers behind the offering The signing ceremony took place at the Eko Hotel and Suites in Lagos, following approval of the offer terms by Nigeria’s Securities and Exchange Commission earlier that week. The order book is scheduled to open on September 14. This isn’t Dangote’s first fundraising rodeo for the refinery. A prior private placement pulled in $2.5 billion and was oversubscribed by 3.7 times. That round also secured $1 billion in underwriting support. Recent valuations peg the refinery’s worth somewhere between $39 billion and $47 billio...