Dangote Petroleum Refinery and Petrochemicals FZE received roughly $4.1 billion in orders across nearly 4 million applications representing all 54 African countries. Domestic Nigerian inquiries contributed approximately $1.9 billion, while foreign investors requested $2.1 billion, prompting plans to tap a 30% over-allotment option. South Africa's Public Investment Corp. and Nigerian pension managers representing 11 million members are among the primary institutional participants. The firm expects to secure regulatory sign-off on November 17 as it aims to begin trading as early as the end of this month.
Key points
Continental and international institutions, including Africa's largest money manager, sho…: Continental and international institutions, including Africa's largest money manager, showed strong appetite that heavily outpaced initial targets.
A draft allotment announcement is headed to Nigeria's Securities and Exchange Commission…: A draft allotment announcement is headed to Nigeria's Securities and Exchange Commission with formal sign-off anticipated on November 17.
Official trading is tentatively targeted for December 8, although the company is actively…: Official trading is tentatively targeted for December 8, although the company is actively pushing to list before the month concludes.
Sources checked by our analysis pipeline: 1
(Bloomberg) -- Africa’s biggest refinery attracted about 5.85 trillion naira ($4.1 billion) of applications for shares in the continent’s largest public offering to date, almost three times the amount it sought to raise, according to people familiar with the matter.
Dangote Petroleum Refinery and Petrochemicals FZE, which aimed to garner at least $1.6 billion in the IPO, received about $1.9 billion in inquiries from investors in its home country of Nigeria and a further $2.1 billion from prospective international buyers, said the people who declined to be identified because the information is private.
The Public Investment Corp., which oversees about $220 billion in pensions of South African state workers and is the continent’s biggest money manager, asked for a large allocation the people said, declining to specify the amount. The allocation could be accommodated through a secondary share sale, said the people.
Nigerian pension managers covering about 11 million members also asked for allocations, they said.
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