Aliko Dangote is nearing the completion of a $2.5 billion private share placement for his refinery business, marking a major step toward what could become Africa's largest initial public offering (IPO).
According to people familiar with the transaction, the fundraising values Dangote Petroleum Refinery & Petrochemicals at approximately $40 billion, Bloomberg reported.
The private placement reportedly attracted around $4 billion in investor demand, with an initial $2 billion share sale followed by an additional $500 million, largely backed by regional institutional investors.
A record-breaking IPO in sight
The fundraising comes ahead of a planned IPO that could raise an additional $1.5 billion to $2 billion, with a public listing expected as early as August.
