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Dangote Petroleum Refinery has received share subscription applications worth about ₦5.85tn ($4.1bn), significantly exceeding its initial fundraising target of $1.6bn.
The offering has attracted investors from across Africa, with applications reportedly recorded from all 54 countries on the continent.
According to Bloomberg, Nigerian investors accounted for approximately $1.9bn of the subscriptions, while prospective international investors indicated interest worth another $2.1bn.
The scale of participation is also reflected in the number of applications, with nearly four million unique subscriptions recorded, according to people familiar with the transaction.
The refinery had initially set a target of attracting 10 million retail investors as part of its plan to expand public ownership.
Institutional investors have equally sought substantial stakes in the company, including pension fund managers in Nigeria and South Africa.
South Africa's Public Investment Corporation, which manages about $220bn in pension assets, reportedly requested a significant share allocation. Nigerian pension fund managers, whose investments cover approximately 11 million contributors, also sought allocations.
With demand exceeding the available shares, the refinery is considering exercising a 30 per cent over-allotment option to accommodate more investors.
The additional allocation could raise the proceeds from the IPO to approximately $2.1bn, although overseas demand is reportedly still higher than the available shares.
Bloomberg reported that the company is expected to submit a draft share allotment announcement to the Securities and Exchange Commission this week.
The regulator is expected to approve the share distribution on November 17, while trading is scheduled to commence 15 business days after the allotment date.
Although this timeline points to a possible December 8 commencement, the refinery is reportedly targeting a listing before the end of November, subject to regulatory approval.
About the Author
Blessing Stephanie Okorie is a journalist, writer, and Mass Communication student at Lagos State University. She covers energy, business, and youth-focused issues, with a keen interest in telling stories that connect people, policy, and impact. She
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