For the first time, Kenyan investors can take part in an IPO happening in another African market without leaving their own exchange. The Dangote Petroleum Refinery offering in Lagos is reaching East Africa through a global depository receipt (GDR).
The Capital Markets Authority (CMA) approved it, and it is priced and settled in Kenya shillings. The offer closes on 13 October, if the timeline holds. Trading on the Nairobi Securities Exchange is expected around December 8.
Renaissance Capital arranged the structure. Its head of investment banking, Karemi Warui, sat down with Terryanne Chebet to explain how it works. They also discussed whether the model can be repeated in other African markets, and what it would take for African companies to raise capital across the continent.