What Will Dangote Refinery Use the IPO Proceeds For?

The prospectus says the proceeds will be used partly to fund the refinery’s expansion plans. �
Vetiva
The broader expansion plan is significant: Dangote intends to increase refining capacity to about 1.4 million barrels per day, alongside additional infrastructure and petrochemical expansion. Reuters reports the expansion plan…..

So I’d specifically examine:
Cost of crude → refining margin → operating expenses → interest → tax → net profit → free cash flow.
That’s much more informative than simply looking at revenue.
And what about dividends?
Don’t buy the IPO assuming you’ll automatically receive dividends.
Dangote’s own IPO information states that dividends are not guaranteed and depend on company performance, cash requirements and the Board’s decision.
The IPO for the People
In fact, because the company plans a huge expansion, management may choose to retain substantial cash for expansion rather than distribute it…..