Global marketsUpdated 5h ago

African institutions apply for almost $1 billion in shares

Bloomberg reports that Africa’s biggest money manager and Nigerian pension-fund administrators applied for almost $1 billion worth of shares in the refinery company, citing people familiar with the matter. That figure is the value of their applications, not an allocation or completed purchase. Their requests show a substantial contribution from African institutional investors to the IPO’s demand, while making clear that applications are not the same as shares received.

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