Dangote Petroleum Refinery is preparing for what is set to become Africa’s largest-ever initial public offering, as Nigeria’s biggest private industrial project seeks fresh capital to expand its refining capacity and broaden investor ownership.

Nigeria’s Securities and Exchange Commission has approved the offering of 4.1 billion ordinary shares at 525 naira each. If fully subscribed, the IPO would raise about 2.15 trillion naira, or roughly $1.63 billion, according to Reuters calculations. The order book is expected to open on Sept. 14.

The refinery, located near Lagos, currently has a nameplate capacity of 650,000 barrels per day and has already reached full capacity. Dangote plans to more than double that capacity to 1.4 million barrels per day, using the proceeds of the share sale to support its expansion plans.

The IPO will value the refinery at around $47 billion based on the company’s existing registered shares and the approved offer price, according to Reuters calculations. The valuation has nevertheless drawn questions from some investors and analysts, who have compared it with other major listed refiners with similar production capacities.

The offering comes after the refinery’s rapid expansion into Nigeria’s domestic and international fuel markets. Built at a cost of about $20 billion, the facility has become an increasingly important source of refined petroleum products for Nigeria and regional markets, including exports of jet fuel to Africa and Europe.

For Dangote Group, the listing represents more than a fundraising exercise. Africa’s richest man, Aliko Dangote, has said he wants investors from across the continent, including Nigerian retail investors, to participate in the offering. The group has described the transaction as an opportunity to broaden participation in one of Africa’s largest industrial ventures.

The company has already secured a $400 million underwriting commitment for the IPO and plans to include a greenshoe option that could allow it to sell around 15% more shares if demand exceeds the initial offer.

Dangote had previously indicated that the refinery could seek to raise around $5 billion, but the terms approved by the Nigerian regulator currently point to an initial offering of about $1.63 billion. The final amount raised will depend on investor demand and the level of subscription.

The transaction is also a major test for Nigeria’s capital markets. A successful listing could deepen local equity-market participation, give Nigerian investors direct exposure to one of the country’s most strategically important industrial assets and demonstrate the ability of African capital markets to finance large-scale infrastructure and energy projects.

Dangote Group is due to sign the IPO documents with advisers and other stakeholders on Monday, Sept. 7, marking another step toward the launch of the historic share sale.

If completed as planned, the Dangote Refinery IPO will mark a major milestone not only for Nigeria but for Africa’s capital markets, while providing the company with additional resources to pursue its ambition of becoming one of the continent’s largest refining businesses.