Africa's largest stock exchange is positioning itself to host a secondary listing of Dangote Petroleum Refinery, as interest grows across the continent ahead of what could become one of Africa's biggest initial public offerings.
The Johannesburg Stock Exchange (JSE) confirmed it has been in discussions with the Dangote Group and said the company intends to pursue a listing in Nigeria first before exploring a secondary listing in South Africa.
"They will list in Nigeria first but with strong intent to hopefully bring the listing to South Africa," a JSE spokesperson told Reuters.
The Johannesburg Stock Exchange (JSE) has a total market capitalisation of approximately ZAR 24.9 trillion (USD 1.52 trillion), making it the largest stock exchange in Africa and accounting for about 60% of the continent's total equity market value
The planned listing follows reports that Dangote Group is seeking to raise about $5 billion through an initial public offering of the refinery. Sources familiar with the matter said the company has already made a preliminary filing with Nigeria's securities regulator and is targeting an October debut on the Nigerian Exchange.
