Dangote Cement market cap reaches N18 trillion amid London listing plans

Dangote Cement Plc has seen its market capitalization rise to N18 trillion on the Nigerian Exchange (NGX) following a share price increase to N1,111. This surge occurs as the company prepares for a secondary share sale on the London Stock Exchange (LSE) scheduled for November. The company reportedly aims to raise approximately $1 billion through this listing, with current owners expected to sell about 10% of the business.

In a related development, investor Femi Otedola is reportedly targeting a 5% stake in the cement producer. Sources suggest Otedola views the company as undervalued and is utilizing available cash to take strategic positions. While the connection between Otedola’s reported interest and the recent 10% jump in share price has not been independently verified, the company's market value has edged upward ahead of its upcoming third-quarter earnings announcement.

Goldman Sachs Group Inc. and UBS Group AG have been identified as bookrunners for the London listing.