Dangote Refinery IPO Set to Open in 10-12 Days

The initial public offering (IPO) of the Dangote Refinery, Africa’s largest oil refinery, is expected to open within the next 10 to 12 days, as announced by Aliko Dangote during a meeting with investors and analysts in Botswana. This IPO follows a successful $2.5 billion private placement that strengthened the refinery's balance sheet ahead of the public offering and its next phase of expansion.

The IPO is projected to raise approximately $5 billion, potentially making it the largest public offering in Africa. The Dangote Refinery, which reached full nameplate capacity of 650,000 barrels per day in February, has since tested production at 700,000 barrels per day.

Dangote stated that the group plans to double the refinery’s capacity to 1.4 million barrels per day, aiming to establish the facility as a key supplier of refined petroleum products to both African and international markets. The refinery has also benefited from stronger refining margins due to disruptions in the global oil market.