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 Ltd 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.
