Dangote Refinery opens order book for $1.6 billion Africa’s biggest IPO

The Dangote Refinery has officially opened its order book for an initial public offering (IPO) seeking to raise approximately ₦2.15 trillion ($1.6 billion). The offering involves the sale of 4.1 billion shares at a price of ₦525 per unit. The subscription period is scheduled to run through 13 October, with the final listing of the shares expected to take place in November.

This offering represents the largest IPO in Africa to date. The refinery, a flagship asset owned by Africa’s wealthiest individual, is being positioned to allow for broader public ownership. The project is viewed as a significant industrial development with economic implications that extend beyond the Nigerian market.