Dangote Cement has appointed Goldman Sachs and UBS to help run a possible London offering, according to people familiar with the preparations. The deal could come together as soon as next month, though the timing will hinge on market conditions, the people said.
The structure under consideration is a secondary offering in London targeting about $1 billion of proceeds, with current shareholders selling around a tenth of the business. The company is already listed in Lagos. Citigroup Inc., JPMorgan Chase & Co. and Standard Bank Group Ltd. are acting as global coordinators, and First Abu Dhabi Bank PJSC and Emirates NBD Bank PJSC have also joined the bookrunner lineup, the people added.
Some of the people said investor outreach is slated to start on October 27, with sessions in London, South Africa and Dubai. Declining to comment were Dangote Cement, Goldman Sachs and UBS. JPMorgan, Citigroup, First Abu Dhabi Bank and Emirates NDB Bank also declined to comment.
People close to the process say the London sale is designed to widen the company's international reach and gauge how the market values the business beyond Lagos. Bankers are positioning the deal as a fresh introduction to global investors who may not have been following the story closely.
The company is majority-owned by Aliko Dangote, widely described as Africa's richest man. While the listing is aimed for November, the schedule is sensitive to broader market conditions, so it could shift.
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This potential share sale is part of a busy financing streak across the Dangote group. Dangote is also working on an IPO of its Nigerian refinery that values the complex at close to $50 billion, with plans to raise as much as $2.1 billion.
Earlier this year, Dangote Petroleum Refinery and Petrochemicals Fze completed a $2.5 billion private placement that drew subscriptions at 3.7 times the initial target, and investors included Africa Finance Corp. and the African Export-Import Bank. The refinery sold $750 million of eurobonds in July. In April, Dangote Fertiliser Ltd. issued $750 million of debt in international markets, and in June the fertilizer business secured a $600 million facility from Africa Finance Corp.
If the London deal lands, it could provide a clearer read on how global investors view Nigeria's largest cement maker and, by extension, the appetite for major African corporates. The broader funding spree around the Dangote empire also offers clues on how international capital is engaging with the region. For everyday investors, the key watch items are timing, demand during the roadshow, and how London pricing stacks up against Lagos.
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