Nigeria, Sept. 14 -- Dangote Refinery will Monday open the order book for its $1.6 billion initial public offering IPO (IPO), marking the kickoff of the capital-raising programme that is targeting retail investors across Africa.

The month-long share sale, which is out to sell 4.1 billion shares at N525 ($0.000013) per unit, will run through 13 October, with listing scheduled for November, according to the offer prospectus.

Vetiva Advisory Services is the lead issuing house, with a host of joint issuing houses including First Cap, Chapel Hill Denham, Absa Capital Markets, Afrinvest Capital, Stanbic IBTC Capital, among others.

The refinery, the biggest bet of Africa's richest man Aliko Dangote, currently at a 700,000 barrel-per-day proce...