Dangote Opens $1.6bn Refinery IPO to East Africa, Offers Investors $300m Slice
• Uganda, Kenya clear routes for interested investors • 729 million depository receipts set to be offered Emmanuel Addeh in Abuja The Dangote Petroleum Refinery has opened nearly $300.4 million,
Dangote Petroleum Refinery's initial public offering (IPO) has opened nearly $300 million, or 20 percent, of its $1.6 billion share sale to investors in East Africa. Regulatory approvals in Kenya and Uganda have enabled eligible investors in the two countries to participate in the sale. The East African portion of the offer is structured through Global Depository Receipts (GDRs) and will be listed on the Nairobi Securities Exchange.
The GDR offer comprises about 729 million shares, priced at 53.50 Kenyan shillings each, with the potential to raise 39 billion Kenyan shillings, equivalent to approximately $300.4 million. This regional offer represents almost 20 percent of the refinery's broader IPO target of $1.6 billion, which was launched in September to fund the doubling of the refinery's capacity.
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