Dangote Petroleum Refinery’s initial public offering (IPO) has been oversubscribed by 172 per cent, attracting N5.85 trillion in investor bids for 11.15 billion shares against the 4.1 billion shares initially offered at N525 each.
Subscription data showed that investor demand significantly exceeded the refinery’s initial fundraising target of N2.15 trillion, highlighting strong appetite for the company among domestic and international investors.
The IPO, launched on September 14, 2026, was initially scheduled to close on October 13 but was extended to October 27 following regulatory approval.
The subscription figures indicate that investors applied for nearly three shares for every share available, making the offering one of the most significant equity transactions in Nigeria’s capital market.
However, the N5.85 trillion represents applications received, while the final amount raised will depend on the allotment process and regulatory approvals.
Retail investors accounted for a significant proportion of participation, with nearly 3.8 million subscribers representing approximately 84.39 per cent of all applicants. The offering was supported by banks, stockbrokers and digital investment platforms.
Despite the large number of retail participants, major investors accounted for a substantial share of the financial commitment. Three subscribers alone represented approximately 46.72 per cent of total share demand, with applications valued at about N2.73 trillion.
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One investor applied for 771 million shares worth approximately N405 billion, representing 6.92 per cent of total demand.
International institutional investors also showed considerable interest. Bloomberg had earlier reported that the offering attracted approximately $4.1 billion in applications, comprising $1.9 billion from Nigerian investors and $2.1 billion from international investors.
South Africa’s Public Investment Corporation (PIC), which manages approximately $220 billion in pension assets, was among the institutions reported to have sought a substantial allocation. Nigerian pension fund managers were also said to be interested in the offering.
With demand exceeding the initial offer, attention is now shifting to the share allocation process. The Securities and Exchange Commission (SEC) reportedly permitted the refinery to absorb up to 30 per cent of additional oversubscription beyond its base offer.
The IPO forms part of Dangote Refinery’s broader financing strategy to support its expansion plans, which include increasing processing capacity to approximately 1.4 million barrels per day.
The company’s financial performance has also strengthened investor interest. For the nine months ended September 2026, the refinery reported revenue of $22.48 billion, representing a 144.47 per cent increase compared with the corresponding period in 2025.
Profit after tax also rose to $4.73 billion, compared with a loss of approximately $117 million recorded in the same period of the previous year.
