Dangote Refinery IPO Attracts Global Interest from 119 Nations

The Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals has attracted investors from 119 countries, creating a potential allocation dilemma due to high demand. The offer has secured between $1.5 billion and $1.6 billion in fully funded commitments from domestic and retail investors, meeting its fundraising target before considering overseas demand.

The refinery, valued at nearly $50 billion, has seen applications from all 54 African countries for the first time. Aliko Dangote, Africa’s richest man, announced on October 14 in Gaborone, Botswana, that the refinery had attracted interest exceeding three to four times the target.

The closing date for applications has been extended to October 27 to facilitate broader participation. The IPO includes nominee structures with Standard Bank Group for investors in Egypt and Ethiopia, and global depository receipts sold through stock exchanges in Kenya and Botswana.

If demand exceeds available shares, Dangote may consider selling part of his personal stake to accommodate investors.