Kenya: Dangote Refinery IPO Open to Kenyans Through NSE-Listed Gdrs
[Daba Finance] Kenyan investors could gain access to Dangote Petroleum Refinery shares through Global Depositary Receipts traded on the Nairobi Securities Exchange, creating a local route into Africa's largest IPO. Renaissance Capital is developing the structure, subject to approval from Kenya's Capital Markets Authority and the NSE, with a potential launch in early December.
Kenyan investors will soon be able to access shares of Dangote Petroleum Refinery through Global Depositary Receipts (GDRs) listed on the Nairobi Securities Exchange (NSE), according to plans developed by Renaissance Capital. The IPO, which is the largest in Africa, involves offering 4.1 billion shares at ₦525 each, seeking approximately ₦2.15 trillion, or about $1.5 billion.
The GDRs would not make the Nigerian refinery a direct NSE-listed company, but rather represent securities of its Nigerian shares. Kenyan investors would be able to trade these receipts in shillings through local brokers, bypassing the need to open an account in Nigeria, convert funds into naira, and arrange foreign custody. The proposed structure aims to remove several barriers Kenyan investors face when buying Nigerian shares.
The new Lamu refinery, located in East Africa, is a separate project and will undergo its own listing process on the NSE.
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