Billionaire Dangote launches oil refinery ‘people’s IPO’, Africa’s biggest

That private placement valued the company at $40 billion, whereas the IPO moves the valuation closer to $49 billion, according to the company prospectus.

Dangote told a Nigerian stock exchange ​event on Monday that he eventually planned ​to list every company in his business ⁠conglomerate, which is one of Africa's largest industrial groups, with operations spanning cement, sugar and salt.

Nigerian billionaire Aliko Dangote on Monday launched Africa's largest share sale yet with the initial public offering of ‌his oil refinery, targeting the general public to raise as much as $2.