Nigeria's Dangote Group launched an IPO of 4.1 billion shares aimed at expanding the Lekki refinery. [1] Reuters filed Africa's biggest share sale. [1] A launch is not cash received. A price on an offer sheet is not a close. Print the offer. Do not print a closed book.

Coverage named about 2.15 trillion naira at 525 naira a share if fully subscribed. [1] Fully subscribed is a condition, not Monday's till. Leave a named first-hour flood to the edition that owns a named flood. Do not invent a subscription rate. Do not invent a first-day pop.

The Lekki plant is already a refining fact. Expanding it with public equity is a different sentence from running it. Firmus megawatts on another page are not this sale. A book that is still open can fail, price-revise, or close full, and Africa's-biggest is a headline estimate until the register shuts. Monday owns the offer sheet. The till comes later, if it comes.

Later tills till; Monday waits. Waiting is the update. Registers shut or revise.

Monday owns the offer sheet, not the till. Africa's-biggest is a headline estimate until the register shuts. The book can still fail or price-revise.

Offer sheets do not cash themselves. Africa's biggest sale still sits on a condition of full subscription that Monday has not witnessed. Lekki already refines; the equity raise is only the expansion bet. This desk prints the launch and withholds the till.
Monday prints the launch, not the till. Offer sheets do not cash themselves. The book can still fail or price-revise.

Monday prints the launch, not the till. Offer sheets do not cash themselves. The book can still fail or price-revise.

-- AMARA OKONKWO, Lagos