Africa’s dealmakers are betting that the continent’s capital markets are entering a new phase, with a burst of IPO and M&A activity kicking off with Aliko Dangote’s anticipated $5 billion listing of his refinery on the Nigerian Exchange. “The Dangote IPO has got everyone very excited,” Yemisi Deji-Bejide, head of M&A for Africa at Standard Chartered, told Semafor. She said the deal showed the continent’s growing ability to build and finance large industrial businesses after years of sluggish activity. The Dangote Petroleum Refinery IPO, which still needs regulatory approval, is expected to be Africa’s largest-ever listing. It is also being marketed to investors across the continent even though its primary listing will be in Lagos.