by Kehinde Akinseinde-Jayeoba. Nigerians may soon have the opportunity to become shareholders in Dangote Petroleum Refinery as the Securities and Exchange Commission (SEC) has received an application for a potential $5 billion initial public offering (IPO) by the multibillion-dollar refinery. The proposed offering, which could become one of Nigeria's biggest capital market transactions, is expected to give retail and institutional investors an opportunity to acquire equity in one of Africa's largest industrial projects, though the final size has not been determined.
CEO of Dangote Petroleum Refinery, David Bird, told Reuters the company wants a 'people's IPO' to drive domestic participation. The listing follows a major July private placement that raised $2.5 billion and valued the refinery at approximately $40 billion (3.7 times oversubscribed, led by Africa Finance Corporation). The IPO would fund an expansion to 1.4 million barrels per day within the next three years; the refinery became Europe's largest supplier of jet fuel in June and July.
Bird said the company wants at least three years of production track record before considering an overseas listing, potentially in London. Source: https://tribuneonlineng.com/sec-receives-5bn-dangote-refinery-ipo-application-nigerians-set-to-buy-stake/
