Photo: Aliko Dangote chats with institutional investors from South Africa pension fund during a recent visit to the refinery in Lagos.
Aliko Dangote, president of the Dangote Group, says that the planned initial public offering (IPO) of Dangote Refinery will likely be listed on the Nigeria Exchange Group (NGX) in September this year.
“There is quite a lot of demand in terms of people pushing us, saying we want to buy, we want to buy.
“That is the reason we are trying to make sure that by September, we will be out there in the market to sell the IPO. We have a lot of demand in billions of dollars,” said Dangote, in a follow up question asked by journalists.
Asked about the target listing price, he said that advisers are still working on the valuation.
“I actually don’t know. The advisers are still doing that. They are still evaluating to see how much we are going to go into the market with,” Dangote said.
Speaking on an earlier proposed $2 billion private placement, the businessman said requests from prospective investors have already exceeded that figure.
“We are not selling up to that, but we’ll see what we can allocate to them. We can see what we can allocate to an IPO,” he added.
Dangote emphasised that the company intends to broaden ownership through the public offer and allow more Nigerians participate in the refinery project.
“Our target really is to get the larger part of the society to buy. Because it is a very good… I think it’s better you buy… you are looking at this now, people don’t know we are going to have 10 percent of the entire America’s production in terms of refining,” the billionaire said.
