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.

Why it matters

Africa's largest bank by assets, Standard Bank, has committed to provide financial advisory services and balance sheet support for the refinery IPO, signaling confidence in the deal's scale. The South African Public Investment Corporation, which manages more than $180 billion（約29兆円） in assets, has also visited the refinery, indicating strong institutional backing across the continent.

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）.