Dangote Refinery Closes $1.6bn IPO as Investors From 119 Countries Rush for Shares
- Dangote Refinery’s $1.6 billion IPO drew commitments from investors in 119 countries, with demand potentially exceeding available shares
- Nigerian retail investors can buy shares from ₦5,250, with priority promised for applications worth ₦50,000 or less
- Trading on the Nigerian Exchange is projected to start in December 2026, with IPO proceeds supporting plans to double refinery capacity by 2029
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Dangote Petroleum Refinery has closed its $1.6 billion initial public offering (IPO), attracting investment interest from 119 countries in what could become Africa's largest stock market listing.
The offer, which closed on Tuesday, October 27, 2026, reportedly secured between $1.5 billion and $1.6 billion in fully funded commitments from Nigerian and retail investors alone.
Source: UGC
Investors from all 54 African countries also sought allocations, highlighting growing international interest in billionaire Aliko Dangote's refinery.
Dangote Refinery IPO attracts global investors
The refinery offered 4.1 billion new shares at ₦525 each, targeting approximately ₦2.15 trillion, equivalent to $1.58 billion at the prevailing exchange rate.
The company, valued at nearly $50 billion, could increase the offer by 30% if demand warrants, potentially raising approximately $2.1 billion.
Sources familiar with the transaction indicated that international demand could exceed the remaining shares available, Billionaires Africa reported.
Dangote may also consider selling part of his existing stake to accommodate additional investors, although no decision has been announced.
African investors drive Dangote Refinery demand
Investor participation expanded significantly from more than 90 countries recorded on October 18 to 119 countries by the closing date.
The offer, initially scheduled to close on October 13, received a two-week extension from the Securities and Exchange Commission (SEC) to accommodate investors completing registration and verification requirements.
In Kenya, global depositary receipts worth up to $300.4 million were reserved for East African investors.
Botswana served as the designated trading hub for Southern African investors, with approximately $500 million targeted through receipts issued by Access Bank Botswana.
Nigerian retail investors receive share priority
According to BusinessDay, Nigerian investors could participate with a minimum purchase of 10 shares, costing ₦5,250.
Dangote pledged priority allocation to applicants seeking shares worth ₦50,000 or less if demand exceeded supply.
The refinery hopes to attract as many as 10 million shareholders, expanding public participation in one of Africa's biggest industrial investments.
Source: Getty Images
Dangote Refinery announces IPO listing timeline
Under the proposed timetable, allotment details will reach the SEC by November 10, with regulatory approval expected by November 17.
Trading on the Nigerian Exchange is projected to begin in December 2026.
Dangote currently controls 87.27% of the refinery, representing approximately 104.83 billion shares valued at ₦55 trillion at the offer price.
The refinery reported $4.73 billion in net profit on revenue of $22.5 billion during the first nine months of 2026.
Proceeds from the IPO are expected to support expansion plans that could double processing capacity to 1.4 million barrels daily by 2029.
Cement listing: Dangote visits London Stock Exchange
Legit.ng earlier reported that Africa’s richest man, Aliko Dangote, has visited the London Stock Exchange as Dangote Cement Plc moves closer to a proposed $1 billion share sale and secondary listing in the United Kingdom.
The billionaire industrialist visited the exchange on Friday, October 23, 2026, receiving a warm welcome from officials and attendees as preparations intensified for the company's planned entry into one of the world's leading financial markets.
Source: Legit.ng
