The Johannesburg Stock Exchange (JSE) is seeking to secure a secondary listing of Dangote Petroleum Refinery following the company’s planned initial public offering (IPO) on the Nigerian Exchange (NGX) later this year, in a move that could further elevate Africa’s largest refinery on the continent’s capital markets.
The proposed secondary listing forms part of the JSE’s broader strategy to attract high-profile African companies and deepen cross-border listings as it competes with other exchanges for some of the continent’s biggest corporate offerings.
Speaking to CNBC Africa, Valdene Reddy, JSE Chief Executive Officer, said Dangote Refinery is among a strong pipeline of prospective listings expected in the second half of the year, alongside companies in the mining, fintech, property and construction sectors.
“They will go and list in Nigeria first, but with a strong intent to hopefully bring that listing to South Africa shortly thereafter on the JSE. It would be a great opportunity for a diversified play of high demand but of such a strong African corporate listing on the JSE,” Reddy said.
The refinery’s planned IPO, estimated at $5 billion, is expected to become the largest public offering ever undertaken in Africa. The offering has attracted interest from several African exchanges, including those in Kenya, Egypt, Ghana and Rwanda, all seeking to participate in one of the continent’s most significant capital market transactions.
