Dangote refinery IPO to close

The IPO of Africa's largest refinery, Dangote, is set to conclude on Tuesday, marking the end of a 44-day period where investors could have purchased a stake in the company. This marks the culmination of the company's rapid ascent to become one of the most valuable firms on the continent over the past two years. The sale's extension by two weeks did not prove necessary, as a Dangote representative informed Semafor that no further extensions are currently planned.

Investors from Botswana, Ethiopia, and Kenya will be able to acquire shares in the refinery via global depositary receipts. With an expected raise of over $2 billion, the IPO has the potential to quintuple Nigeria's investor base, according to the head of the Lagos stock exchange. African policymakers are actively seeking to broaden access to their capital markets in order to draw in more foreign investment and mobilize domestic capital to lessen their dependency on expensive foreign financing.