Nigeria’s Dangote oil refinery on Monday signed \u200coffering documents with advisers and other parties involved in its initial public offering, a key milestone on its path to\u00a0Africa’s biggest-ever share sale.<\/p>\n
The offering \u200bwill run from September 14 to October 13, according \u200bto a presentation shown at a ceremony in Lagos, \u2060the country’s commercial capital.<\/p>\n
The company plans to sell 4.1 \u200bbillion ordinary shares at 525 naira each, potentially raising about 2.15 \u200btrillion naira ($1.63 billion) if fully subscribed.<\/p>\n
In the event of over-subscription, the Dangote refinery and petrochemicals plant may issue up to 30% more shares than \u200bthe base offer size, subject to regulatory approval, the presentation \u200bshowed.<\/p>\n
The listing will test\u00a0investor appetite\u00a0for one of Africa’s most ambitious industrial projects.<\/p>\n
The \u200c700,000-barrel-per-day \u2060refinery, built at a cost of about $20 billion on the outskirts of Lagos, has reshaped Nigeria’s fuel market and benefited from supply disruptions linked to the\u00a0Iran war, exporting\u00a0jet fuel\u00a0across Africa \u200band into Europe.<\/p>\n
The \u200bplant is \u2060part of the sprawling business empire of Aliko Dangote, Africa’s richest man, who\u00a0built his fortune in \u200bcement and also owns sugar and other businesses.<\/p>\n
The \u200bIPO aims \u2060to raise funds for a planned doubling of the refinery’s capacity to 1.4 million barrels per day. The company has already \u2060secured \u200ba $400 million\u00a0underwriting commitment.<\/p>\n
Dangote told the signing ceremony \u200bhe hoped the refinery would become the world’s largest single-train refinery by 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria’s Dangote oil refinery on Monday signed \u200coffering documents with advisers and other parties involved in its initial public offering, a key milestone on its path to\u00a0Africa’s biggest-ever share sale. The offering \u200bwill run from September 14 to October 13, according \u200bto a presentation shown at a ceremony in Lagos, \u2060the country’s commercial capital. The […]<\/p>\n","protected":false},"author":1,"featured_media":21750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":7,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2831,2362,27],"tags":[2099,261,175],"class_list":["post-21962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","category-featured","category-west-africa","tag-aliko-dangote","tag-dangote-oil-refinery","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=21962"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21962\/revisions"}],"predecessor-version":[{"id":21963,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/21962\/revisions\/21963"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/21750"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=21962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=21962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=21962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}