Aliko Dangote, chief executive officer (CEO) of the Dangote Group, says the initial public offering (IPO) of Dangote refinery will open in the next 10 to 12 days.According to Reuters, Dangote announced the IPO timeline on Thursday while speaking to investors and analysts in Botswana.
According to Reuters, Dangote announced the IPO timeline on Thursday while speaking to investors and analysts in Botswana.
The refinery had announced plans to launch a Pan-African IPO, offering at least 10 percent of its refining business to fund a $40 billion expansion objective.
Speaking during his visit to the southern African country, Dangote said his ambition was to double the refinery’s capacity.
“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. The IPO will open in the next 10 to 12 days,” he said.
Two sources with direct knowledge of the deal told Reuters that the IPO involved the sale of 4.1 billion shares priced between N500 and N595 per share.
According to the sources, the IPO is targeting a raise of between $1.55 billion and $1.8 billion, based on the indicative price range.
One of the sources said the price currently being considered by the deal team is N525 per share.
The order book for the offer is expected to open on September 14, the second source added.
Dangote Refinery declined to comment on the details when contacted by Reuters.
