Dangote Refinery IPO draws investors from 119 countries as $1.6bn offer closes

Dangote Petroleum Refinery has closed its $1.6 billion initial public offering after drawing commitments from investors in 119 countries. The offer closed on Tuesday, October 27, 2026, and could become Africa's largest stock market listing.

The refinery secured between $1.5 billion and $1.6 billion in fully funded commitments from Nigerian and retail investors alone. Investors from all 54 African countries also sought allocations.

Offer size and demand

The refinery offered 4.1 billion new shares at ₦525 each. It targeted about ₦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 about $2.1 billion.

International demand could exceed the remaining shares available, Billionaires Africa indicated. Aliko Dangote may also consider selling part of his existing stake to accommodate additional investors, though no decision has been announced.

Investor participation rose 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. The Securities and Exchange Commission gave a two-week extension so investors could complete registration and verification.

Regional access and retail terms

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 about $500 million targeted through receipts issued by Access Bank Botswana.

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.

Timetable and expansion

Allotment details will reach the SEC by November 10. Regulatory approval is expected by November 17. Trading on the Nigerian Exchange is projected to begin in December 2026.

Dangote currently controls 87.27% of the refinery, about 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 in the first nine months of 2026.

IPO proceeds are expected to support expansion plans that could double processing capacity to 1.4 million barrels daily by 2029.

Aliko Dangote visited the London Stock Exchange on Friday, October 23, 2026, as Dangote Cement Plc moves closer to a proposed $1 billion share sale and secondary listing in the United Kingdom.

The retail minimum and priority allocation are designed to widen Nigerian participation in a major industrial asset. The listing timetable will be watched by local investors and businesses tied to the refinery's expansion.