Dangote Prices Africa's Biggest IPO at $47 Billion

Aliko Dangote launched Africa's largest share sale on Monday, offering 4.1 billion shares of his Nigerian oil refinery at 525 naira each. The offer runs through Oct. 13 and would raise $1.6 billion if fully subscribed, or as much as $2.1 billion if the company exercises its greenshoe option. The sale values the refinery, which processes 700,000 barrels of crude a day, at roughly $47 billion. The refinery has benefited financially from supply disruptions linked to the Iran war, which increased de