Dangote Petroleum Refinery & Petrochemicals has secured a $1 billion underwriting programme ahead of its planned Initial Public Offering (IPO), marking a major milestone in preparations for what is expected to be one of Africa’s biggest industrial stock market listings.
The underwriting package comprises a fully funded $600 million private placement and an additional $400 million underwriting commitment to support the refinery’s planned public offering.
The programme was structured by Marob Strategies and Consulting DIFC Ltd in partnership with Lilium Capital Group.
According to the advisers, the $600 million private placement has already been fully underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.
Marob Strategies and Lilium Capital are now leading efforts to distribute underwriting participation across Africa, engaging sovereign wealth funds, governments, institutional investors and other qualified investors.
The advisers, according to a statement issued by Dangote Refinery on Tuesday, said the initiative has attracted strong interest from investors, reflecting growing confidence in large-scale African industrial assets capable of delivering sustainable long-term returns.
They added that the underwriting programme is expected to stimulate intra-African investment and support the development of a more integrated capital market under the African Continental Free Trade Area (AfCFTA).
Beyond providing financing for the planned IPO, the advisers said the initiative is intended to strengthen African capital markets by expanding ownership of a strategic industrial asset while demonstrating the capacity of African institutions to mobilise long-term funding for industrialisation, energy security, import substitution and regional trade.
The successful completion of the underwriting programme is expected to bolster investor confidence as Dangote Refinery moves closer to its planned public listing, which is widely regarded as one of the most significant capital market transactions on the continent.
The President of Dangote Industries Limited, Aliko Dangote, described the transaction as an important milestone for both the refinery and African capital markets.
“This is an important milestone for DPRP and for African capital markets,” Dangote said, adding that the transaction reflects confidence in the refinery’s strategic role and creates a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.
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“The work undertaken by Marob Strategies and Lilium Capital has also created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa,” he said.
The Chairman of Marob Strategies, Prof. Benedict Oramah, said the transaction demonstrated the appetite for African-led capital markets transactions providing access to transformative assets on the continent.
Oramah said: “Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future.”
Also speaking, the Chairman of Lilium Capital Group, Simon Tiemtore, described the mandate as part of the firm’s effort to connect major African opportunities with institutional investors across Global Africa and international markets.
Tiemtore stated: “This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.
“By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent. We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa.”
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