started · updated
Dangote Refinery secures $1 billion in backing ahead of $5 billion IPO
The Dangote Petroleum Refinery & Petrochemicals has secured a $1 billion underwriting programme to support its upcoming initial public offering (IPO). The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, includes a $600 million private placement and a $400 million underwriting commitment.
The $600 million private placement was funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. Advisers are currently coordinating the distribution of underwriting participation to sovereign wealth funds, governments, and institutional investors across Africa and the Caribbean.
The refinery, owned by Aliko Dangote, aims to raise $5 billion through the IPO. The facility has a refining capacity of 650,000 barrels per day and is intended to reduce Nigeria's reliance on imported refined petroleum products. Total construction costs for the project are estimated at approximately $19 billion to $20 billion.
Entities
Aliko Dangote · Dangote Petroleum Refinery & Petrochemicals · Lilium Capital Group · Marob Strategies and Consulting DIFC Ltd · Nigeria
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group, funded the $600 million private placement. www.thegeniusmedia.com.ng
- [○ 1 SOURCE] The refinery has a refining capacity of 650,000 barrels per day. businesselitesafrica.com
- [● 2 SOURCES] The underwriting programme consists of a $600 million private placement and a $400 million underwriting commitment. www.thegeniusmedia.com.ng · africa.businessinsider.com
- [● 2 SOURCES] The Dangote Refinery aims to raise $5 billion through its planned initial public offering. businesselitesafrica.com · africa.businessinsider.com
- [○ 1 SOURCE] Total investment costs for the refinery are estimated between $19 billion and $20 billion. businesselitesafrica.com