Dangote's Oil Refinery Launches Record-Breaking IPO in Nigeria

Aliko Dangote's Nigerian oil refinery has launched Africa's largest initial public offering (IPO) to raise funds for expansion. The company is selling 4.1 billion shares at 525 naira each, with an offer period that closes on October 13.

If fully subscribed, the IPO would raise $1.6 billion; however, if Dangote exercises its greenshoe option, the total could reach as much as $2.1 billion.

The refinery's value is estimated at approximately $47 billion, based on the offering price and number of shares sold.

Dangote plans to use the proceeds from the IPO to fund a $14.3-billion expansion project that would double the refinery's capacity to 1.4 million barrels per day by 2029.