Refinery IPO to Open Within Days, says Dangote

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.

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.

On August 18, the refinery said it had completed a $1 billion underwriting programme ahead of the planned IPO.

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.

The entrepreneur also said the secondary listing of Dangote Cement, another flagship company in his business empire, on the London Stock Exchange (LSE) would most likely take place in October.

On Wednesday, Dangote Cement said it would hold a capital markets day in London on September 21 as it advances plans for a secondary listing on the LSE.

Speaking further, Dangote also said he would launch the construction of a new refinery on Kenya’s coast in partnership with East African governments on September 30.

“We are launching it on September 30,” he said.

Dangote had said the refinery intends to replicate its 650,000 barrels per day (bpd) Nigerian refinery in East Africa with support from governments in the region.