(Bloomberg) -- Africa’s biggest refinery attracted about 5.85 trillion naira ($4.1 billion) of applications for shares in the continent’s largest public offering to date, almost three times the amount it sought to raise, according to people familiar with the matter.
Dangote Petroleum Refinery and Petrochemicals FZE, which aimed to garner at least $1.6 billion in the IPO, received about $1.9 billion in inquiries from investors in its home country of Nigeria and a further $2.1 billion from prospective international buyers, said the people who declined to be identified because the information is private.
The Public Investment Corp., which oversees about $220 billion in pensions of South African state workers and is the continent’s biggest money manager, asked for a large allocation the people said, declining to specify the amount. The allocation could be accommodated through a secondary share sale, said the people.
Nigerian pension managers covering about 11 million members also asked for allocations, they said.
Investors have raced to secure a stake in the Lagos-based crude-processing facility that’s Africa’s largest as well as one of the biggest globally and owned by its richest man, Aliko Dangote. Exchanges across the continent are providing structures to give buyers access to the listing that has attracted applications from all 54 countries in the region.