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Renaissance Capital Africa raised its Dangote refinery valuation to ₦700.41 a share, 33.4% above the IPO price, as the offer closes on 27 October. The post Dangote Refinery Valued 33.4% Over IPO Price appeared first on The Rio Times.
Dangote Petroleum Refinery & Petrochemicals FZE, which owns Africa’s biggest crude-processing facility in Nigeria, is offering investors based in the continent’s east an almost 20% share its initial public offering that could raise as much as $300.4 million.
Aliko Dangote, Africa’s richest man, is racing to attract 10 million investors to his refinery’s initial public offering, with a marketing blitz that has swept across Nigeria’s commercial hub.
Nigeria’s central bank sold short-dated debt at the lowest yields this year as investors rushed to lock in returns after the biggest interest-rate cut in almost two decades stoked expectations that future offerings will pay less.