Dangote Petroleum Refinery & Petrochemicals is targeting a $5 billion initial public offering (IPO) expected to conclude by October 2026, in what could become the largest stock market listing in African history.
The planned transaction was reported by Reuters on Tuesday, citing two sources familiar with the matter.
According to the report, the refinery has already submitted its IPO application to the Securities and Exchange Commission (SEC), with regulatory approval expected in the coming weeks and the publication of a prospectus likely in September.
The proposed listing follows the refinery’s recent $2.5 billion private placement, completed less than two weeks ago, one of the largest corporate fundraising exercises by an African company.
What they are saying
According to Reuters, the planned IPO has generated significant interest from investors and capital market stakeholders across Africa.
The report said stock exchanges in South Africa, Kenya, Egypt, Ghana, and Rwanda have held discussions with the refinery’s advisers as they seek to participate in the transaction.
One source indicated that Kenya’s capital markets could contribute up to $500 million towards the refinery’s $5 billion fundraising target, driven by strong demand from institutional investors, including pension funds.
A second source familiar with the transaction said Dangote Petroleum Refinery & Petrochemicals FZE is expected to receive SEC approval in the coming weeks, clearing the way for the release of the offer prospectus in September.
The source added that while the company is targeting a $5 billion raise, the final amount will depend on regulatory approvals, with the primary listing expected to take place on the Nigerian Exchange (NGX).
If completed as planned, the IPO would rank as the largest equity listing ever undertaken on the African continent, further strengthening Nigeria’s position as one of Africa’s leading capital markets.
