Dangote Petroleum Refinery has closed its $1.6bn initial public offering (IPO) after attracting investor interest from 119 countries, in a development that could mark one of Africa’s largest stock market listings.
The offer, which closed on Tuesday, October 27, 2026, reportedly secured between $1.5bn and $1.6bn in fully funded commitments from Nigerian and retail investors alone, according to reports cited by Legit.ng.
The level of interest could leave demand exceeding the shares available for allocation, although the final subscription figures and allotment details are still subject to confirmation.
The refinery offered 4.1 billion new shares at ₦525 each, targeting approximately ₦2.15tn, equivalent to about $1.58bn.
The company, valued at nearly $50bn, could increase the size of the offer by 30 per cent if demand warrants it. Such an expansion could raise the potential proceeds to approximately $2.1bn.
Investors from all 54 African countries reportedly expressed interest in the offer, while participation expanded from more than 90 countries on October 18 to 119 countries by the closing date.
The offer was initially scheduled to close on October 13 but received a two-week extension from the Securities and Exchange Commission to allow more investors to complete registration and verification requirements.
Reports also indicated that Dangote could consider selling part of his existing stake to accommodate additional demand, although no final decision had been announced.
The share offer was structured to allow Nigerian retail investors to participate with a minimum purchase of 10 shares, costing ₦5,250.
Aliko Dangote also pledged priority allocation for applicants seeking shares worth ₦50,000 or less if demand exceeded supply.
The initiative is intended to broaden public ownership of the refinery, with the company reportedly targeting as many as 10 million shareholders.
International participation also featured in the offer’s distribution arrangements. In Kenya, global depositary receipts worth up to $300.4m were reserved for East African investors.
Botswana was designated as a trading hub for Southern African investors, with approximately $500m targeted through depositary receipts issued by Access Bank Botswana.
Under the proposed timetable, allotment details are expected to be submitted to the SEC by November 10, with regulatory approval anticipated by November 17.
Trading on the Nigerian Exchange is projected to begin in December 2026, subject to the completion of the necessary regulatory and listing processes.
Dangote currently controls 87.27 per cent of the refinery, representing approximately 104.83 billion shares valued at ₦55tn at the offer price.
The company reportedly recorded $22.5bn in revenue and $4.73bn in net profit during the first nine months of 2026.
Proceeds from the share sale are expected to support the refinery’s expansion plans, which aim to double its processing capacity to 1.4 million barrels per day by 2029.
The planned expansion would strengthen the facility’s position in the petroleum refining market and support its broader industrial ambitions.
The IPO also comes as Dangote pursues other capital market initiatives, including a proposed $1bn share sale and secondary listing of Dangote Cement Plc in the United Kingdom.
The refinery’s successful completion of the offer period marks a significant step towards wider public ownership.
However, the final number of shares allocated to investors and the commencement of trading will depend on the outcome of the allotment and regulatory processes.
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