Bank of America Merrill Lynch and Standard Chartered may be among the banks organising the 2019 London public listing of Dangote Cement, the Chairman and CEO, Alhaji Aliko Dangote, said on Monday.
Asked who the bankers could be for the IPO, Dangote said “the usual ones…Bank of America Merrill Lynch, Standard Chartered.”
Speaking at the FT Africa summit, Dangote added that the listing would go ahead in 2019 after the Nigerian elections, but could not say when exactly.
Dangote Cement Plc, owned by Africa’s richest man, Aliko Dangote, in February announced plans for the sale of its shares in London to raise $1 billion.
Fresh capital will enable Dangote Cement to fund expansion plans in sub-Saharan Africa and broaden its base of investors.
It considered raising equity in London in 2010. At the time, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley helped it prepare a sale that could have raised up to five billion dollars before the move was abandoned.
The revival of the plan comes as Dangote Cement shares climb to near records as the Nigerian economy recovers from a downturn caused by the 2014 slump in oil prices. )