LAGOS, Nigeria — The Dangote Refinery is moving closer to what could become one of Africa’s biggest stock market listings.
The refinery has secured a $1 billion underwriting programme ahead of its planned public offering, according to Reuters.
The planned listing could raise about $5 billion and would give investors an opportunity to take part in one of Africa’s largest industrial projects.
The underwriting arrangement includes $600 million for a private placement, with the remaining amount supporting the planned public offering.
Dangote Refinery is expected to use funds raised from the listing to support its expansion plans, including increasing its production capacity to as much as 1.4 million barrels per day.
The planned IPO would be a major development for Nigeria’s capital market and could attract significant international investor attention.
If completed as planned, the listing could become one of the largest IPOs ever recorded in Africa.
The refinery, built by Nigerian industrialist Aliko Dangote, has become a major part of Nigeria’s efforts to reduce dependence on imported petroleum products.
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