Africa’s biggest IPO is coming. Dangote Refinery plans to list up to 10% of its equity, aiming to raise $2B–$5B. Strong demand, aggressive expansion plans, and multi-exchange listings have boosted market expectations and generated some excitement. Still, risks remain, including valuation, regulation, governance, and geopolitics. This episode looks at some key pros, cons, and what investors should watch before investing in what could be Africa’s most influential listing in a renaissance narrative.

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