👨🏿🚀TechCabal Daily – Dangote IPO heads south

In a surprising turn of events, the Dangote IPO, originally slated for a southern African route, has faced a setback. The Dangote Petroleum Refinery and Petrochemicals IPO, which was to be listed in Botswana, has been extended to October 27 to accommodate the vast number of interested investors.

Aliko Dangote, the founder and president of Dangote Industries, has been seeking to raise ₦2.15 trillion ($1.6 billion) from the capital markets through the sale of 4.1 billion shares. However, the IPO has already been oversubscribed by a considerable margin, with over three or four times the demand. In response to this overwhelming interest, the Dangote IPO has been extended until October 27, giving potential southern African investors more time to participate.

The Southern African Development Community (SADC) Committee of Stock Exchanges has chosen Botswana as the common venue for investors in the region to access the Nigerian share offer. This move aims to streamline the process and avoid each market creating its own separate arrangement for the same Nigerian share offer. Access Bank Botswana will act as the country's depository receipt issuer, enabling Botswana investors to purchase shares in the Dangote Petroleum Refinery and Petrochemicals IPO.