The initial public offering of Nigeria’s Dangote refinery, the largest on the continent, will officially open subscription windows within the next 10 to 12 days.
Billionaire owner Aliko Dangote confirmed the imminent launch during an investor roadshow in Botswana, targeting a capital raise of up to $5 billion.
The landmark offering follows a massively successful $2.5 billion private placement that closed earlier, which valued the massive industrial complex near $40 billion.
Operating out of the Lekki Free Zone in Lagos, the 650,000-barrel-per-day facility has recently stabilized production output, easing regional petroleum shortages.
“So our dream is that we want to make sure we double the capacity of the refinery, which will take us to 1.4 million barrels per day,” Dangote stated regarding future expansion.
