Kenya Approves Local Participation in Dangote Refinery IPO

Kenya’s Capital Markets Authority has greenlit a short-form prospectus for a global depository receipt (GDR), opening the door for eligible Kenyan investors to take part in the initial public offering of the Dangote Petroleum Refinery. The regulator said that the GDR, submitted by Renaissance Capital (Kenya), will be handled in cooperation with Renaissance Capital Africa, which is licensed in Nigeria. It added that at least seven other licensed firms, working with Nigerian counterparts, have been cleared to let Kenyans buy into the share sale. Dangote launched the $1.6 billion IPO in September to finance plans to double the refinery’s capacity to 1.4 million barrels per day. The deal is set to become Africa’s largest IPO.