Dangote Refinery Launches Africa's Largest IPO Seeking $1.6 Billion

Aliko Dangote, Africa's richest man, has launched the initial public offering for his Dangote Refinery, seeking to raise up to $1.6 billion in what is expected to be the continent's largest IPO. The offer, which opened to public investors on September 14, comprises 4.1 billion shares priced at 525 naira each, with a minimum subscription of 10 shares. The IPO marks a major milestone for the 700,000-barrel-per-day refinery, which reached full capacity this year and has positioned Nigeria as a net exporter of refined fuel. Dangote described the offering as an "IPO for the people," aimed at democratizing wealth creation by allowing mass-market retail investors to own a stake in the company. The subscription period is scheduled to close on October 13. At a "Fact Behind the Offer" event at the Nigerian Exchange, Dangote outlined ambitious future plans. He stated the refinery aims to list on a U.S. stock exchange within three to four years. "By doing so, because the company will be very, very large, we will be having 10 per cent of the total Americas capacity," he said.