Investors put $600m into Dangote Refinery, commit $400m to IPO

By Chinwendu Obienyi
Dangote Petroleum Refinery & Petrochemicals has raised $600m through a private placement and secured a further $400m underwriting commitment for its planned initial public offering, in a transaction aimed at broadening African participation in one of the continent’s largest industrial assets.
To break it down to granular details, the $600 million is money the refinery has already secured from selected investors, while the $400m underwriting commitment means that a financial institution or group has committed to backing the refinery’s planned share sale, potentially taking up shares that investors do not buy.
According to a statement, this will take effect only ...