Dangote Petroleum Refinery Launches $300M IPO for East Africa

Dangote Petroleum Refinery has initiated a $300.4 million offering, representing nearly 20% of its total $1.6 billion initial public offering (IPO), aimed at East African investors. This move follows regulatory approvals from Kenya and Uganda, allowing eligible investors to participate via Global Depository Receipts (GDRs) listed on the Nairobi Securities Exchange.

The offering consists of approximately 729 million GDRs, each priced at 53.50 Kenyan shillings, potentially raising around 39 billion Kenyan shillings if fully subscribed. Each GDR corresponds to one share in Dangote Petroleum Refinery and Petrochemicals FZE.

The IPO, branded as a “people’s IPO” by Aliko Dangote, aims to expand ownership beyond Nigeria and is part of a broader strategy to double the refinery's capacity from 700,000 barrels per day to 1.4 million barrels per day. The GDR offer is set to close on October 13, with allotments expected around November 12, and listing to occur 15 business days post-allotment.