Dangote refinery IPO meets target as investors from 119 countries apply –Report

Dangote Petroleum Refinery and Petrochemicals FZE has reportedly enough commitments from Nigerian and retail investors to meet its initial public offering (IPO) fundraising target, with investors from 119 countries applying for shares in the company.

This is according to a Bloomberg report citing people familiar with the matter, who disclosed that the offering had attracted between $1.5 billion and $1.6 billion in fully funded commitments from domestic and retail investors.

The development comes as the refinery’s IPO is scheduled to close today, October 27, 2026, following a two-week extension of the application period, with strong demand potentially creating an allocation squeeze for international investors.

According to people familiar with the offering, investors from all 54 African countries have requested allocations, while applications have been received from 119 countries worldwide.

The sources, who requested anonymity because the process is ongoing, said commitments from Nigerian and retail investors mean the refinery has effectively reached its fundraising target before accommodating international demand.

Bloomberg also reported that Dangote could consider selling part of his stake through a secondary sale to investors who miss out on IPO allocations, although this would depend on his assessment of the final order book.

The Dangote refinery IPO opened on September 14, 2026, with the company seeking to raise approximately $1.6 billion, equivalent to N2.15 trillion, through the sale of 4.1 billion ordinary shares at N525 each.

The offering has a minimum subscription of 10 shares, valued at N5,250, and is targeting as many as 10 million investors, particularly retail investors across Nigeria and other African markets.

The Dangote refinery IPO has attracted participation across several African markets, with the company pursuing regulatory approvals and trading arrangements to facilitate cross-border investment.

These arrangements cover East and Southern Africa, alongside initiatives in Ethiopia and Egypt aimed at expanding access to the refinery’s shares.

The refinery said the extension of the subscription deadline would support efforts to expand access across African markets, including through additional distribution channels and depositary receipt programmes, while giving prospective investors more time to complete regulatory requirements.

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