Aliko Dangote's Nigeria refinery IPO to open September 14 at N525 per share

Aliko Dangote confirmed that his Dangote Refinery initial public offering will open on September 14. The transaction aims to raise approximately $5 billion on the Nigerian Exchange Limited. He announced the share price is N525 per share during a recent television appearance. A completion board meeting with all relevant parties will be held on Monday, July 7, to finalize required documents. Dangote stated in these final stages that the offering will open within ten to twelve days from his comments made Thursday in Botswana. He told investors and analysts that a specific goal is doubling the facility's capacity to about 1.4 million barrels per day. The refinery currently stands as the largest single-train unit in the world. Although its nameplate capacity reached full output in February, recent testing showed performance at 700,000 barrels per day. The company recently completed a $2.5 billion private placement and expects this equity deal to push its total valuation between $40 billion and $50 billion.