Dangote Petroleum Refinery’s $1.6 billion initial public offering (IPO) has secured enough reported commitments to meet its fundraising target, with investors from 119 countries seeking shares in the Nigerian company.
The offer has attracted between $1.5 billion and $1.6 billion in fully funded commitments from domestic and retail investors, potentially leaving international applicants competing for available shares.
Investors from all 54 African countries have also requested allocations, extending participation beyond Nigeria as the refinery seeks to broaden its shareholder base.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, representing a total offer value of approximately ₦2.15 trillion.
The subscription period, which opened on September 14, was extended by two weeks from its original October 13 closing date to October 27 to allow more investors to participate.
The refinery could raise up to approximately $2.1 billion if it exercises a 30 per cent over-allotment option. However, the additional fundraising remains conditional, while demand from overseas investors could still exceed the available shares.
Proceeds from the offer are expected to support the refinery’s expansion plans, which include increasing processing capacity from 700,000 barrels per day to 1.4 million barrels per day by the first quarter of 2029.