By Gold Jeremiah
The long-awaited initial public offering of Nigeria’s Dangote Refinery will involve the sale of 4.1 billion shares priced between N500 and N595 per share.
Two sources with direct knowledge of the deal told Reuters.
According to the sources, the IPO is targeting a raise of between $1.55 billion and $1.8 billion, based on the indicative price range.
One of the sources said the price currently being considered by the deal team is N525 per share.
The order book for the offer is expected to open on September 14, the second source added.
Dangote Refinery declined to comment on the details when contacted by Reuters.
The 650,000 barrels-per-day refinery in Lagos began operations in early 2024 and has been positioned as a major step toward ending Nigeria’s reliance on imported refined fuel.
A public listing has been discussed for months as a way to bring in capital, improve transparency, and allow Nigerians to take ownership in the project.
If completed at the top of the range, the IPO would rank among the largest in Nigerian capital market history.
Market operators said the pricing will be closely watched, given current FX volatility and investor appetite for large-cap listings. The final price, size, and timeline are subject to regulatory approvals from the Securities & Exchange Commission (SEC).
