Dangote refinery IPO draws investors from 51 African nations in final week

Dangote Petroleum Refinery & Petrochemicals FZE reports that its ongoing IPO, valued at NGN2.15 trillion, has attracted investors from over 90 nations, with 51 of Africa’s 54 countries represented as the final week approaches. The offering, which opened on September 14 and was extended to October 27, remains a public offering only in Nigeria, requiring foreign investors to comply with domestic securities rules or approved cross-border mechanisms.

Kenya’s Capital Markets Authority has approved a short-form prospectus for a global depositary receipt route, while Ethiopia and Uganda have imposed qualified-investor and high-net-worth restrictions respectively. The company claims record-breaking subscription levels on the first day and within the first ten days, though exact figures have not been disclosed. Proceeds are expected to fund a $14.3 billion expansion plan aimed at doubling processing capacity by 2029, with the bulk of financing coming from internal cash and other sources.