Dangote Cement shelves London listing over market conditions

Dangote Cement has put on hold its plan to list its shares on the London Stock Exchange, citing unfavorable market conditions and strategic priorities. The decision was made during a board meeting on November 10 and confirmed in a filing with the Nigerian Exchange. The company's shares will continue to be listed on the NGX. The board's resolution does not impact Dangote Cement's operations or business plans.

Dangote Industries, which owns 87 percent of the cement maker, will not proceed with the listing at this time. The company, valued at 24.79 trillion naira, had earlier planned to raise about US$1 billion through the London float. A capital markets day had been scheduled for September 21, 2026, in London. The move follows a tumultuous week for global equities after the US midterm elections, which deepened concerns about the AI boom and led to a decline in the London FTSE 100.

Dangote Cement's chairman had previously described the IPO as a "landmark moment," but the decision now comes as a setback for the London market, which is in need of new listings. The company's valuations remain strong, with its stock closing at 1,469.90 naira, up about 141 percent this year. Dangote Industries' 2018 IPO in Lagos was Africa's biggest share sale.