Early demand surges for Dangote Refinery's $1.6B IPO in Nigeria
Dangote Refinery's $1.6 billion IPO kicked off with strong early interest—orders totaling over 10 billion naira within hours, though still less than 0.5% of the target—as the company seeks to raise 2.15 trillion naira from 4.1 billion shares at 525 naira each. The offer runs to Oct 13, with listing on the Nigerian Exchange expected in November. Proceeds will fund a $14.3 billion expansion to double capacity to 1.4 million barrels per day by 2029/30, potentially making it Africa's largest listing and boosting Nigeria's equity market. Prior private placements raised $2.5 billion, signaling broad appetite for the project.