IPOs and new listings

The company has filed an IPO application with Nigeria's Securities and Exchange Commission, and the SEC Director-General confirmed the filing on the record. Filed is not approved: the SEC has not approved the offer and no prospectus exists, so there is no offer price, no lot size and no receiving agent yet. Timing is disputed — the SEC Director-General and Aliko Dangote have both pointed to September 2026, while the Reuters source said the offer concludes in October. No date has been formally approved.

Size

not statedNo raise size has ever been stated on the record. The widely repeated US$5bn came from an anonymous source speaking to Reuters, who added that the final figure depends on what the regulator approves; Dangote did not respond to a request for comment and no SEC official was quoted. Competing press figures of US$1.5bn and US$1.5–2bn also circulate, and the three cannot be reconciled because the stake being sold has never been stated.

Sources:Legit.ng, reproducing BusinessDay quotes from SEC DG Emomotimi Agama ↗CNBC Africa, syndicating Reuters ↗

The JSE has said it is in discussions about a secondary listing after the Nigerian IPO completes. Its director of capital markets described it as a strong intent to hopefully bring the listing to South Africa shortly thereafter — an intention, not an agreement. Nothing is signed and no terms or timing exist.

Size

not statedNo size discussed. A secondary listing of an existing line, not a capital raise.

Source:CNBC Africa, on-the-record quotes from the JSE (primary) ↗

A private placement of new equity, not a public offer, completed shortly before the IPO filing. The company confirmed completion on 23 July 2026 and said it was 3.7 times subscribed, at a reported implied valuation of about US$39–40bn. Included here because it is the one figure in this story that is not anonymously sourced.

Size

about $2.5BStated by the company in its own completion announcement, which said the placement was 3.7 times subscribed. This is the only Dangote refinery equity figure with a company statement behind it rather than anonymous sourcing.

Source:Nairametrics, carrying the company's own statement (primary) ↗

An offre publique de vente of 20% of the bank's capital, approved by the regional regulator AMF-UMOA on 26 June 2026. Subscription ran from 20 July to 6 August 2026, with settlement on 21 August and first listing on the BRVM set for 14 September 2026. Open to investors across the eight UEMOA states. After the offer the free float is 20%, with Bridge Group West Africa holding 57% and CNPS 20%.

Offer opens

20 Jul 2026

Offer closes

6 Aug 2026

Listing date

14 Sept 2026

Price

XOF 6,750 per share, fixed

Size

not statedXOF 67.5 billion — 10,000,000 shares at XOF 6,750, representing 20% of capital. No dollar figure is given because the source states the offer in XOF and converting it ourselves would invent a precision the source does not have.

Source:Agence Ivoirienne de Presse, carrying the AMF-UMOA approval (primary) ↗

An IPO of 583.3 million new shares to fund a bottled water and carbonated soft drinks facility at Adeiso, with about 96% of net proceeds allocated to that plant. The prospectus gave an expected listing date of 17 June 2026 and press reports place the debut in mid-June, but the two disagree on the day, so no listing date is recorded here.

Offer opens

4 May 2026

Offer closes

1 Jun 2026

Price

GH¢1.20 per share, fixed

Minimum lot

2,000 shares (GH¢2,400), then multiples of 1,000

Size

not statedTarget proceeds GH¢700 million — 583,333,333 new ordinary shares at GH¢1.20, with a GH¢350 million minimum threshold. Reported oversubscribed by 146%.

Ticker

KASA

Receiving agents

Absa Bank Ghana, Consolidated Bank Ghana, Databank Brokerage (sponsoring broker and joint manager)

Source:MyJoyOnline, reporting the company's offer announcement (primary) ↗

A government sale of a 65% stake, announced by the Treasury Cabinet Secretary as 105.7% subscribed. The offer opened on 19 January 2026 and closed on 24 February after an extension. More than 70,000 retail Kenyans took part and institutions took 41% of the shares sold. The debut is reported as 10 March 2026 but was not in the source we read, so no listing date is recorded.

Offer opens

19 Jan 2026

Offer closes

24 Feb 2026

Price

KES 9.00 per share, fixed

Size

not statedKES 106 billion targeted against 11.8 billion shares at KES 9.00, a 65% government stake. Applications reached 12.4 billion shares — 105.7% subscribed.

Source:The Standard, reporting the Treasury's final results (primary) ↗

A Toronto-headquartered investment holding company already listed on the TSX took a secondary inward listing on the JSE Main Board on 24 February 2026, via the exchange's fast-track route. No capital was raised. It was the JSE's first Main Board listing of 2026.

Listing date

24 Feb 2026

Size

not statedNo capital raised — a secondary inward listing of an existing Toronto line, leaving issued share capital unchanged.

Ticker

AII

Source:Johannesburg Stock Exchange (primary) ↗

A technical listing ahead of a future stake sale, not a public offer, announced by Egypt's Ministry of Petroleum and Mineral Resources following independent fair-value assessments. Whether the eventual sale is an IPO or a sale to an investor has not been decided, and no size or timing has been announced.

Size

not statedIssued capital of about US$357 million. That is issued capital, not an offer size — no stake percentage and no offer size has been announced.

Source:Egypt Oil & Gas, reporting the Ministry of Petroleum announcement ↗

A technical EGX listing ahead of a future stake sale, part of the first phase of the state petroleum sector offering programme. No public offer has opened and no stake size or timing has been announced.

Size

not statedIssued capital of about US$210 million — issued capital, not an offer size.

Source:Egypt Oil & Gas, reporting the Ministry of Petroleum announcement ↗

A technical EGX listing ahead of a future stake sale. The ministry said it is concurrently finalising procedures to list a further group of petroleum sector companies in an upcoming phase. No public offer has opened.

Size

not statedIssued capital of about US$120 million — issued capital, not an offer size.

Source:Egypt Oil & Gas, reporting the Ministry of Petroleum announcement ↗