Dangote Petroleum Refinery & Petrochemicals has announced that its ongoing Initial Public Offering (IPO) has attracted subscriptions from investors in more than 90 countries, including participants from 51 of Africa’s 54 nations.
The company described the development as a landmark achievement, saying the transaction has become Africa’s first truly pan-African public offering and reflects growing confidence in African-led industrial development.
In a statement, the refinery said the IPO has already set new records, becoming the largest public offering launched in the Nigerian capital market on its opening day and surpassing previous African benchmarks within ten days.
The offer has drawn strong participation from retail investors, pension funds, institutional investors, asset managers, fintech platforms and members of the investing public.
A source close to the refinery’s management described the exercise as a significant milestone for both Africa’s capital markets and industrial sector.
“This offering is far more than a capital-raising exercise. It represents a historic opportunity for Africans and global investors to participate directly in the ownership of one of the continent’s most transformative industrial assets,” the source said.
The strong investor interest comes amid improved operational and financial performance by the refinery.
According to the source, the company’s current results have significantly exceeded assumptions used in determining the IPO valuation.
“The refinery’s financial and operational performance has progressed significantly beyond the baseline assumptions underpinning the IPO,” the source added.
The transaction has also encouraged cross-border capital market cooperation involving countries including Botswana, Egypt, Ethiopia and Kenya, helping to expand investor access across the continent.
With the offer expected to close on October 27, 2026, Dangote Refinery said it has intensified investor education and engagement efforts across key markets while indicating that no extension of the subscription period is currently planned.
Meanwhile, Renaissance Capital Africa (RCA) has increased its valuation of Dangote Petroleum Refinery to N700.41 per share, representing a potential 33.4 per cent upside from the IPO price of N525 per share.
RCA attributed the upgrade to stronger refining margins and better-than-expected earnings performance during the first nine months of 2026.
According to the investment firm, the refinery recorded revenue of $22.5 billion and net profit of $4.7 billion for the period ended September 30, 2026, compared to a loss of $117.2 million in the corresponding period of 2025.
Revenue rose by 144 per cent year-on-year, while EBITDA climbed to $5.5 billion from $627.6 million in the previous year. Operating cash flow also increased to $3.68 billion, reflecting stronger operational efficiency and improved market performance.
RCA said the refinery’s balance sheet strengthened considerably, moving from a net debt position of $1.73 billion in September 2025 to a net cash position of $651 million by September 2026.
The firm noted, however, that future gains would depend on the sustainability of refining margins, operational performance and broader market conditions.
