United Capital Group, which is serving as a Joint Issuing House and one of the official stockbrokers for the Dangote Petroleum Refinery IPO, said it is providing access to the offering for both institutional and retail investors in Rwanda.
An Initial Public Offering is the process by which a privately-owned corporation offers its shares to the general public for the first time, transforming into a publicly traded company on stock exchanges.
The company described the IPO, valued at about $1.63 billion (Rwf2.4 trillion), as the largest in African capital markets history.
The IPO is due to open on September 14 and close on October 13, with shares expected to list on the Nigerian Exchange in November.
Peter Ashade, Group Chief Executive Officer of United Capital Plc, said the transaction demonstrates the company’s growing role in connecting African investors with major assets on the continent.
“Our pivotal role in Africa’s largest IPO underscores our six-decade legacy of trust, capital market execution, and financial excellence,” Ashade said.
He highlighted United Capital’s presence in Rwanda as a key advantage for investors seeking to participate in the offering.
“As the only official transaction partner with a direct, licensed presence in Rwanda through United Capital Trustees Rwanda Limited and United Capital Financial Services Rwanda Limited, we are uniquely positioned to connect Rwandan investors to this historic asset,” he said.
Ashade said the transaction also reflects the group’s broader approach to regional investment and its efforts to connect capital with major infrastructure and business opportunities across Africa.
“This milestone demonstrates our ‘One Group, Endless Possibilities’ philosophy in action, linking regional capital with transformative infrastructure projects across the continent,” he said.
Ejikeme Okoli, United Capital’s Director for Africa, said the offering provides Rwandan investors with a direct opportunity to take part in the ownership of a major African energy asset.
“This landmark offering enables both individual and institutional investors in Rwanda to own a direct stake in a world-scale African energy asset,” Okoli said.
He said United Capital’s local presence is intended to make participation more accessible to investors in Rwanda.
“Because United Capital is the sole transaction broker with an established local presence in Rwanda, we provide a seamless, secure, and direct gateway for regional investors looking to participate in this continental listing,” Okoli said.
The Dangote Petroleum Refinery in Lagos has a processing capacity of 650,000 barrels of crude oil per day and produces refined petroleum products as well as petrochemicals including polypropylene.
The IPO offers shares at Rwf589 ($0.40), with minimum subscriptions starting at 10 shares, according to United Capital.
The development comes as Rwanda also explores a potential investment in another major Dangote-backed refinery project in Kenya.
Speaking to the press recently on August 24, President Paul Kagame confirmed that discussions were ongoing over Rwanda potentially taking a stake in the planned refinery, which is expected to be built in Lamu on Kenya’s northern coast.
Asked about reports that Rwanda could invest in the project, Kagame said the discussions were still at an early stage.
“In a way, there has been. But it is too early to talk about the details, because I think it is a work in progress. Things are still being thought out,” Kagame said.
He added: “But what I can say is that Rwanda would be very happy to be part of that kind of investment.”
The proposed Kenyan refinery is expected to have a processing capacity of up to 700,000 barrels per day, with reports indicating that Dangote has been seeking regional partners for the project.
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