Investors From 119 Countries Pile Into Dangote’s Record Refinery IPO

The initial public offering of Nigeria’s Dangote refinery has reached its target to raise $1.6 billion in funds from domestic and retail investors alone, sources with knowledge of the IPO process told Bloomberg on Tuesday. Demand from international investors is set to significantly exceed even the $2.1-billion target with a 30% over-allotment option, according to the sources. The Dangote refinery is going public as Africa’s richest man, Aliko Dangote, is targeting 10 million retail investors in the “IPO for the people” pitch…