Dangote Petroleum Refinery and Petrochemicals says its ongoing initial public offering (IPO) has attracted investors from more than 90 countries worldwide, including 51 of Africa’s 54 countries.
Gatekeepers News reports that the company said the level of participation positions the transaction as Africa’s first truly pan-African public offering, reflecting investor confidence in African-led industrialisation and growing interest among Africans in owning strategic assets built on the continent.
According to the refinery, the IPO has set new records in the capital markets, breaking Nigeria’s market record on its opening day and surpassing the previous African record within its first 10 days.
It attributed the performance to strong demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
Commenting on the development, Murat Erden, chief financial officer of Dangote Group, said the offering went beyond raising capital, providing an opportunity for investors across Africa and the world to acquire stakes in a major industrial asset.
“This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets,” Erden said.
He added that the refinery’s current performance significantly exceeded the assumptions underpinning the IPO valuation.
Dangote Petroleum Refinery described the level of participation as evidence of the growing sophistication, depth and interconnectedness of African financial markets.
The company said the offering could serve as a model for future continent-wide investment initiatives, enabling investors across African countries to participate in the ownership of major businesses and strategic infrastructure.
