Bard Santner finalises Zimbabwe's Dangote IPO drive

Zimbabwean financial advisory firm Bard Santner Inc is finalising its facilitation of the historic US$1.6 billion Initial Public Offering (IPO) for Dangote Petroleum Refinery and Petrochemicals FZE, with the Zimbabwean subscription window closing today.

Bard Santner Investors (BSI), a subsidiary of the financial services group, has been handling the Zimbabwean leg of the offering, which has generated significant interest among local investors.

In an investment note issued ahead of the October 2 deadline, BSI described itself as "your trusted partner in Zimbabwe to access the Dangote IPO", saying it had guided investors through the subscription process, including documentation, KYC, compliance and exchange-control requirements.

BSI said Zimbabwean investors could participate with a minimum investment of US$20,000 for 50,000 IPO shares.

"As BSI we offer clients facilitation for a minimum investment of US$20 000 for 50,000 IPO shares. The underlying Prospectus minimum is 50 000 shares at ₦525.00 (US$.40), being ₦26 250 000 (US$20 000). Applications above the minimum must be in multiples of 10 shares," the company said.

The advisory firm said investors were required to confirm their eligibility, intended allocation and participation plans before submitting their applications.

"BSI prepares and lodges the Investor Application Form, KYC and complianced documentation, and the exchange control and capital importation paperwork required to preserve repatriation rights," it said.

Funds and applications had to be submitted to BSI by October 2 to allow processing through the African Distribution Channel ahead of the October 13 closing date of the wider offer.

According to the prospectus, proceeds from the primary share offering will be used to support the expansion of the refinery's capacity.

Dangote Petroleum Refinery and Petrochemicals FZE owns and operates an integrated refining and petrochemicals complex at the Dangote Industries Free Zone in Lekki, Lagos.

The facility was commissioned in May 2023 and began commercial operations in January 2024. It completed performance testing at its original 650,000 barrels-per-day nameplate capacity in February 2026 before achieving testing rates of up to 700,000 barrels per day in June 2026.

Its nameplate capacity has subsequently been re-rated to 700,000 barrels per day, while total capital investment in the complex stands at about US$19 billion.

The refinery is targeting further expansion, with a roadmap to reach 1.4 million barrels per day by 2029.

The IPO has attracted considerable attention in Nigeria, where it has been presented as a major opportunity for retail investors to gain exposure to one of Africa's largest industrial projects.

On September 14, Nigerian billionaire Aliko Dangote rang the opening bell at the Nigerian Exchange (NGX) in Lagos, marking the public launch of the offering.

The IPO also triggered heavy demand from retail investors, with reports of major investment and fintech platforms experiencing significant traffic and temporary service disruptions as investors rushed to participate.

The offering has been described as the "People's IPO", reflecting its emphasis on broad retail participation in Nigeria's capital markets.

For Bard Santner, the Dangote transaction represents its largest transaction to date in Zimbabwe, according to the firm, rivalled only by an investment transaction worth more than US$1 billion that it facilitated in November last year.

The Zimbabwean subscription process closes today, with BSI having spent recent weeks facilitating access for local investors seeking exposure to the Nigerian refinery.