Dangote refinery IPO closes almost three times oversubscribed

Orders from Nigeria alone

4.78 US$ billion

Preliminary orders from Nigerian investors reached about 6.4 trillion naira, nearly three times the US$1.6 billion target.

Aliko Dangote said investors from 120 countries and all 54 African countries took part in what is described as Africa's biggest IPO. Shares could be bought for as little as US$4.

What's next

Share allotment comes next, and the offering could grow to as much as US$2.1 billion. Shares are due to start trading on the Nigerian Exchange.