Nigeria's Dangote refinery IPO gets $1bn underwriting programme, advisers say
Two advisers on Dangote Petroleum Refinery's Initial Public Offering (IPO) on Tuesday announced a $1-billion underwriting programme for the offering, which could become Africa's largest.
Marob Strategies and Consulting DIFC and Lilium Capital Group said in a statement that the programme comprised a completed and funded $600 million private placement and a $400 million underwriting commitment in support of the planned IPO.
The refinery, owned by Africa's richest man Aliko Dangote, has submitted an application for a $5-billion IPO to Nigeria's Securities and Exchange Commission, a source familiar with the matter told Reuters this month, although the final size of the deal is not decided.
The plant has emerged as a major beneficiary of disruption linked to the Iran war, selling jet fuel across Africa and into western Europe as buyers sought alternative supplies.
Marob Strategies and Lilium Capital said the $400-million IPO underwriting commitment would be implemented upon the launch of the IPO, subject to market conditions and regulatory approvals.
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