Would the Dangote Refinery IPO Be Africa’s Biggest Ever?

Media coverage often describes the planned Dangote Refinery IPO as poised to become Africa’s biggest-ever listing. Whether that holds up depends on the final size of the offer, which isn’t confirmed yet, so it’s worth looking at the actual record books for context.

One long-standing reference point is Safaricom’s 2008 IPO in Kenya, widely described at the time as the biggest IPO in sub-Saharan African history. The Kenyan government sold a 25% stake in the mobile operator, raising roughly $800 million (about 50 billion Kenyan shillings) at listing, with the offer massively oversubscribed by both local and international investors.

In West Africa’s context, MTN Nigeria’s 2019 debut on the NGX (via a listing by introduction rather than a traditional capital-raising IPO) added roughly ₦1.8 trillion to the exchange’s market capitalization at listing, making it the second-largest listed company on the exchange behind Dangote Cement at the time, though because it was a listing by introduction, it didn’t raise new capital in the way a classic IPO does.

For the Dangote refinery deal to genuinely claim the “biggest ever” title, it would likely need to raise more in absolute proceeds than Safaricom’s roughly $800 million raise, and result in a market capitalization exceeding prior records like MTN Nigeria’s listing-day valuation. 

Commonly cited estimates for a Dangote refinery public offer, often referencing up to 10% of the company being sold, against valuation estimates of $39 billion to $50 billion, would imply proceeds well into the billions of dollars, which would indeed likely set a new record if realized at that scale. But these remain estimates until an official prospectus confirms the actual offer size and price.

It’s also worth remembering that “biggest ever” can be measured in different ways, by proceeds raised, by market capitalization at listing, or by percentage of an exchange’s total value, and different records may already exist depending on which measure and which era you’re comparing against.

Until Dangote publishes its prospectus with a confirmed offer size, treat “Africa’s biggest IPO” as a strong possibility supported by the scale of numbers being discussed, not a settled fact.