Nigeria's Dangote Refinery is preparing Africa's largest-ever IPO, targeting a $5 billion（約8000億円） raise at a valuation of up to $50 billion（約8兆円） by September.

What happened

Dangote Refinery, which operates a 650,000-barrels-a-day facility, is planning to list shares on multiple African stock exchanges starting with Lagos by September. The company is first raising $1 billion（約1600億円） in debt from foreign investors, followed by a private share sale of 3 billion shares priced at 35 cents each to high-net-worth individuals and corporates, before the main public offering.

What to watch

The company aims to raise $5 billion（約8000億円） at a valuation of up to $50 billion（約8兆円）, which would make this Africa's largest-ever IPO. The refinery is expected to list on the Lagos stock exchange where Dangote's cement unit is already the largest by market capitalization at nearly $13 billion（約2.1兆円）.