Dangote to push ahead with London IPO

Dangote Cement Chairman and CEO, Aliko Dangote, says Bank of America Merrill Lynch and Standard Chartered Bank could be among the banks to organise Dangote Cement’s London public listing in 2019.

Speaking at the Financial Times Africa summit, Dangote added the listing would go ahead in 2019 after the Nigerian elections, but he could not provide a date.

Edwin Devakumar, group executive director at Dangote Industries Ltd, said in an interview in Lagos earlier this year: “We are working on it and we’ll look at it in 2019. We have grown to this extent mostly via greenfield investments. To grow much more, we’d probably have to do it via acquisitions.”  He said a number of banks had been approached to arrange the IPO, but no mandates had been arranged yet. The amount of the IPO has not been disclosed to date.