The Johannesburg Stock Exchange (JSE) is seeking to secure a secondary listing of Dangote Petroleum Refinery following the company’s planned initial public offering (IPO) on the Nigerian Exchange (NGX) later this year, in a move that could further elevate Africa’s largest refinery on the continent’s capital markets.

The proposed secondary listing forms part of the JSE’s broader strategy to attract high-profile African companies and deepen cross-border listings as it competes with other exchanges for some of the continent’s biggest corporate offerings.

Speaking to CNBC Africa, Valdene Reddy, JSE Chief Executive Officer, said Dangote Refinery is among a strong pipeline of prospective listings expected in the second half of the year, alongside companies in the mining, fintech, property and construction sectors.

“They will go and list in Nigeria first, but with a strong intent to hopefully bring that listing to South Africa shortly thereafter on the JSE. It would be a great opportunity for a diversified play of high demand but of such a strong African corporate listing on the JSE,” Reddy said.

The refinery’s planned IPO, estimated at $5 billion, is expected to become the largest public offering ever undertaken in Africa. The offering has attracted interest from several African exchanges, including those in Kenya, Egypt, Ghana and Rwanda, all seeking to participate in one of the continent’s most significant capital market transactions.

Dangote’s growing market influence

Since commencing commercial operations in 2024, the 650,000-barrel-per-day Dangote Refinery has rapidly emerged as a major supplier of refined petroleum products across Africa and beyond.

The refinery has expanded exports of products such as jet fuel and diesel into African and European markets, capitalising on disruptions in global fuel supply chains. The company is seeking fresh capital through the IPO to support expansion at its Lagos complex and finance broader regional growth initiatives.

The planned dual-market presence is also expected to broaden the refinery’s investor base by providing access to South Africa’s deeper and more liquid capital market while retaining its primary listing in Nigeria.

JSE expands African listings drive

Beyond Dangote Refinery, Reddy said the JSE continues to record strong interest from companies seeking to raise capital despite global economic uncertainties.

Mining firms remain a key source of potential listings, supported by favourable commodity prices, while property developers, construction companies and infrastructure businesses are increasingly turning to capital markets for financing.

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The exchange is also witnessing growing demand for real estate investment trusts (REITs), infrastructure-related investment products and actively managed exchange-traded funds.

According to Reddy, African fintech companies are increasingly considering Johannesburg instead of traditional international destinations such as London and New York, where smaller emerging-market firms often struggle to attract investor attention.

New growth strategy

The expected listings coincide with the JSE’s preparations to launch its new long-term strategic roadmap, Forge 2031, which is designed to diversify the exchange’s revenue base beyond conventional trading activities.

The strategy includes greater adoption of artificial intelligence and digital technologies, expansion of data products and technology services, enhancement of digital marketplaces, and further commercialisation of the exchange’s market infrastructure.

Reddy also dismissed concerns over recent company delistings from the South African market, saying they have been concentrated among smaller firms and have not materially affected the exchange’s overall market capitalisation.

She noted that merger and acquisition activity accounted for many delistings, reflecting the value of listed companies rather than weakness in the market.

“We focus on the true numbers, which is the capital raise demand and the take-up of that demand, and that pipeline is looking strong and solid into the second half,” she said.

Liquidity advantage

Reddy highlighted the significant liquidity gap between African exchanges, noting that the JSE records average daily trading volumes of between $1.5 billion and $2 billion, compared with roughly $10 million to $20 million on the Nigerian stock market.

She said the exchange is pursuing regulatory reforms to simplify primary and secondary listings from more jurisdictions while positioning Johannesburg as Africa’s leading capital-raising hub.

Looking beyond South Africa, Reddy said the JSE intends to deepen its footprint across the continent through technology, market infrastructure and data services rather than replicating traditional exchange models in smaller African markets.

She added that although South Africa’s sub-2 percent economic growth remains a challenge, the exchange remains focused on strengthening its global competitiveness while carefully evaluating new opportunities, including possible extensions to trading hours in response to evolving international market trends.