Dangote Group is expected to sign documents for the initial public offering (IPO) of its refinery business with advisers and others involved in Africa’s biggest-ever share sale at a ceremony starting around 1100 GMT on Monday, the company said.
According to a report by Reuters, the ceremony at the Eko Convention Centre in the commercial capital Lagos comes after Nigeria’s stock market regulator approved the key terms of the IPO last week, officially kicking off the share sale.
The IPO could raise approximately 2.15 trillion naira ($1.63 billion) if fully subscribed, with the company planning to sell 4.1 billion ordinary shares at 525 naira per share, Dangote Group said on Friday.
The order book for the offer is set to open on September 14, a source with knowledge of the matter said, in line with a time frame indicated by Aliko Dangote, the group’s majority shareholder and Africa’s richest man.
The listing will test investor appetite for one of the continent’s most ambitious industrial projects.
The 650,000-barrel-per-day refinery, built at a cost of about $20 billion on the outskirts of Lagos, has transformed Nigeria’s fuel market and emerged as a major beneficiary of supply disruptions linked to the Iran war, exporting jet fuel across Africa and into Europe.
