Dangote Refinery IPO to Boost NGX Capitalization Significantly
Bismarck Rewane, Managing Director of Financial Derivatives Company (FDC), stated that the initial public offering (IPO) of Dangote Refinery is projected to elevate the Nigerian Exchange Group's (NGX) market capitalization by 30-40%, increasing it from N161 trillion to N236 trillion. The IPO, anticipated to be valued between $50 billion and $75 billion, is expected to attract fresh capital without affecting existing stock prices.
Rewane noted that while the IPO could enhance Nigeria's export revenue, particularly in jet fuel, it may also lead to volatility in the stock market due to investor reactions. The refinery aims to produce 24 million liters of jet A1 fuel daily, significantly increasing exports and reducing domestic fuel prices.
The refinery's operations are projected to save Nigeria approximately $75 million in fuel imports daily, thereby decreasing vulnerability to global market shocks.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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