Dangote Refinery IPO Opens September 14 at N525 per Share

Aliko Dangote confirmed that the initial public offering (IPO) of Dangote Petroleum Refinery is set to open on September 14, with shares priced at N525 each on the Nigerian Exchange Limited (NGX). The Group plans to offer between 5% and 10% of the refinery's equity to the public, targeting roughly $5 billion in proceeds.

Independent analysts estimate the refinery's total valuation at between $40 billion and $50 billion, contingent on regulatory approvals and market conditions. The Nigeria's Securities and Exchange Commission (SEC) has received the IPO filing, with SEC Director-General Emomotimi Agama stating that no significant regulatory obstacles are expected.

This IPO follows a heavily oversubscribed $2.5 billion private placement and is anticipated to attract both domestic and international investors. Additionally, Dangote has outlined a dividend structure allowing shareholders to buy shares in naira while receiving dividends in US dollars.

A secondary listing on the London Stock Exchange is planned within three years of the NGX debut. The refinery, located in the Lekki Free Zone near Lagos, has a nameplate capacity of 650,000 barrels per day.