Dangote Group Launches Africa's Largest IPO
Aliko Dangote, chairman of Dangote Group, along with a syndicate of investment banks, has officially signed the registration papers for the initial public offering (IPO) of his refining and petrochemicals business. This IPO is poised to be the largest share sale in African history, involving an offer of 4.1 billion shares priced at N525, approximately 40 cents each, which values the company at about $49 billion.
The IPO is expected to raise around $1.6 billion and is scheduled to open on September 14, 2023, and close on October 13, 2023. The Nigeria’s Securities and Exchange Commission has already approved the offer, and it has registered 120.13 billion existing ordinary shares in the refinery, which supports the company’s valuation.
Plus234Feed summary based on reporting from BusinessDay. Read the original report below.
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