Dangote refinery plans October IPO to broaden Nigerian ownership

Dangote Petroleum Refinery has submitted an application for a roughly $5 billion initial public offering to Nigeria's securities regulator as part of a plan to let Nigerians participate in the company's growth, CEO David Bird told Reuters. The company said an overseas listing is at least three years away and could rely on three years of proven production to support valuation; a July private placement raised $2.5 billion and was broadly subscribed. The refinery has become a major jet fuel supplier amid Iran war disruptions and aims to double capacity to 1.4 million barrels per day within three years, funded partly by the IPO and debt.

Dangote seeks IPO to help fund capacity doubling to 1.4 million bpd