• Date and price for Dangote Petroleum Refinery, Africa’s biggest IPO
• Standard Bank Angola shares on sale from 11 Sept ahead of BODIVA listing
• Flows of $800m-$1.04bn estimated as Nigeria rejoins FTSE Russell Frontier Markets Index
• Nedbank cleared to acquire 66% of Nairobi-listed NCBA
• New dual listing, new broker on A2X
• 3 new sustainability bonds on BRVM

1. Dangote refinery IPO priced, opens 14 September

Africa’s biggest initial public offering (IPO) is to launch on 14 September and close on 13 October. On offer are 5.1 billion shares in Dangote Petroleum Refinery & Petrochemicals FZE at NGN525 ($0.39) a share, aiming to raise NGN 2.15 trillion ($1.6bn). On 7 September Aliko Dangote signed offering documents with advisors and investment banks and shared a presentation with media.

Reuters reports that the IPO aims ⁠to raise funds for a planned doubling of the refinery’s capacity to 1.4 million barrels per day. If the offer is over-subscribed, it could be increased by up to 30%, subject to regulatory approval. The listing on the Nigerian Exchange (NGX) is expected in November with potential share offers on other African exchanges to follow.

Nigeria’s Securities and Exchange Commission approved the pricing on 4 September, Business Day Nigeria reported. The advisers are Stanbic IBTC Capital, Vetiva Advisory Services and FirstCap.
The refinery has a $400m underwriting commitment for the IPO and in July it had already raised $2.5bn in a private placement that was reported to be oversubscribed by 3.7 times (see our ACMN story). Dangote said on 7 September he hoped the refinery would become the world’s largest single-train refinery by 2028.

Bloomberg quotes Dangote as saying: “The refinery means too much to our continent. We can’t industrialize if we don’t have energy security.” Africa Report quotes Dangote “This is why we have called it the IPO for the people.” The minimum subscription is 10 shares. FirstCap CEO Ukandu Eme Ukandu said the IPO targets 10m retail investors.

2. Standard Bank Angola shares on sale ahead of BODIVA listing

A sale of 34% of Standard Bank de Angola is to launch on 11 September and close on 25 September. The Comissão do Mercado de Capitais (Capital Markets Commission) approved the public sale, worth up to $261m. Standard Bank in South Africa currently owns 51% and has the right to buy up to another 24%, so this offer is 24% to the parent bank and 10% to the public. The prospectus can be found here.

The shares are expected to start trading on the Bolsa de Dívida e Valores de Angola (BODIVA securities exchange) on 30 September. According to this article in Business Day South Africa, this is a disposal of shares that the Government had seized from former insurance tycoon Carlos Sao Vicente. The offer price range for 4.76m shares on offer is AOA 41,220 ($45) to AOA 50,000 per share.

3. Nigeria rejoins FTSE Russell Frontier Index

The Nigerian Exchange (NGX) will rejoin the FTSE Russell Frontier Markets Index from market open on 21 September, index company FTSE Russell confirmed in a notice on 27 August. Shares linked to the index jumped in early trading on 4 September, Business Day Nigeria reported. Analysts at Cordros Research said the move could bring $800m to $1.04bn in new investment flows. FTSE Russell includes 31 Nigerian shares in its FTSE Frontier Index Series, according to an article in Nairametrics. Ten large-capitalization stocks will be Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company (GTCO), MTN Nigeria Communications, Nestlé Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.

The NGX exchange noted that rival global index provider S&P Dow Jones Indices has also put Nigeria on its watch list for potential reclassification to frontier market status as part of its 2027 Country Classification Annual Review.

4. Nedbank cleared to take over Nairobi-listed NCBA

South Africa’s Nedbank Group’s is clear to acquire up to 66% of NCBA Group, listed on the Nairobi Securities Exchange (NSE). The Central Bank of Kenya (CBK) announcement said it had approved the acquisition on 28 August 28. The transaction is worth about ZAR 13.9bn ($842m) and should complete by October. NCBA will remain listed on the Kenyan bourse, with 34% of shares available for trading.

Nedbank will pay 80% in its own shares and 20% in cash. NCBA shareholders had responded warmly to the offer, which is KES 2,100 in cash and 4.02994 Nedbank shares for every 100 NCBA shares tendered, unless the allocation is for less than 200 Nedbank shares in which case they are paid in cash. It values each NCBA share at KES 105, a 20.3% premium to its last quoted price before the offer period opened, according to this story on Ecofin agency.

5. New dual listing, new broker on A2X exchange

Shares in South Africa’s Capitec, previously known as Capitec Bank Holdings, started trading on A2X Markets stock exchange from 7 September in a secondary listing, although the primary listing remains on the Johannesburg Stock Exchange (announcement by A2X Markets).

The exchange also announced that JPMorgan Equities South Africa has joined other trading members of the A2X such as Peresec Prime Brokers, RMB Morgan Stanley and SBG Securities. A2X is regulated by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority of the South African Reserve Bank (SARB) in terms of the Financial Markets Act and started operating in 2017.

Kevin Brady, CEO of A2X Markets, commented in a press release: “A2X offers brokers and their clients meaningful cost savings and improved execution quality, and we’re pleased J.P. Morgan will now be able to access that value directly.” A2X provides a secondary and inward listing venue for listed companies and exchange traded products, with a total of 167 securities, including 30 of the top 40 companies in South Africa.

6. CGF Bourse launches 3 sustainability bonds on BRVM

CGF Bourse, an investment and brokerage firm based in Dakar, is launching three impact bonds on the Bourse Régionale des Valeurs Mobilières (BRVM) to raise some XOF 90 billion between September and October 2026.
According to a story on Financial Afrik, the first is Baobab Côte d’Ivoire’s issue of a XOF 20bn sustainability-linked bond issue with a gross annual interest rate of 6.80% over five years (principal repayment begins after a 1-year grace period). The aim is to boost access to credit for small and medium-sized enterprises in Côte d’Ivoire.

Baobab Senegal will seek to raise XOF 10bn at 6.80% over five years to inject fresh capital into the local economy, prioritizing projects led by women and young people with a bond to be issued on 22 September. Pan-African development bank, Shelter Afrique Development Bank, based in Nairobi, is to launch at XOF 60bn bond issue on 7 October to finance social housing and urban development in the region. The bond will be split into two repayment tranches, a 5-year trance offering a 6.10% yield annually and a 7-year tranche offering 6.30%, with a 2-year grace period.

The bonds are issued in face value of XOF 10,000, the regional XOF currency is pegged to the EUR.

7. Pan-African Continental Reinsurance IPO to close on 16 September

The initial public offering (IPO) of shares in pan-African reinsurer Continental Reinsurance Holdings Limited is set to close on 16 September, according to a story on ACMN. Continental Re aims to list on the Botswana Stock Exchange (BSE) on 5 October as the first listed reinsurer, if all goes to plan. It will be the first IPO on the BSE since 2017, according to an article on Bloomberg.

The listing aims to raise BWP 2.13 billion ($158.1m), made up of a private placement sale of shares at BWP 1 each by the existing shareholders of 1,719,122,374 shares ($127.7m) to selected institutional investors who have accepted the offer, and an IPO for 408,957,414 shares ($30.4m) to the public. It aims to have 100% public float on the BSE after the offer.

DISCLOSURE: Claude.AI assisted the research.