Dangote Refinery IPO draws more than $4B of interest
Nigerian billionaire Aliko Dangote had aimed to raise around $1.6 billion for the Dangote Refinery company in Africa’s largest-ever share sale, but drew more than $4 billion, Bloomberg reported.
Key points
- African policymakers are keen to deepen capital markets to mobilize more of the continent’s domestic resources to fund industrialization and cut borrowing costs.
- Nigeria is leading the push to change the status quo: Its finance minister this week laid out proposals that would make it easier to trade bonds across West Africa.
- In a separate development, the tycoon scrapped plans to list his cement company in the UK, a move that marks a setback for the London Stock Exchange.
The Dangote Refinery IPO marked an opportunity for global investors seeking exposure to one of Africa’s most strategic industrial assets while proving that a significant allocation can be secured from across the continent: Dangote priced individual shares cheaply to attract retail investors.
Additional details
- But analysts say byzantine regulations and intra-continental barriers have hampered development of the continent’s capital markets.
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