Dangote Petroleum Refinery and Petrochemicals FZE IPO

Dangote Petroleum Refinery and Petrochemicals FZE's public offer is priced at ₦525 a share, seeking about ₦2,152,500,000,000. Status: closed.

Has the offer reached its target?

Reported ₦1.5 trillion applied for as at 14 September 2026. The offer is asking for ₦2.15 trillion. That was 69.7% of what the offer is asking for at that point. No newer total has been published, so this is not where the offer stands today.

The offer closes on 2026-10-27.

What has been reported

• Offer for subscription: 4.1 billion ordinary shares at ₦525 each, about ₦2.15 trillion if fully subscribed (Nairametrics, 15 Sep 2026)
• Opened 14 September 2026; the close was extended from 13 to 27 October 2026 with SEC approval (Channels TV, 12 Oct 2026)
• Minimum subscription is 10 shares, i.e. ₦5,250 (Nairametrics, 15 Sep 2026)
• An offer for subscription means the money raised goes to the company, not to existing shareholders (Nairametrics, 14 Sep 2026)
• Subscriptions of about ₦1.5 trillion were reported within the first hour; this is money applied for, not shares allotted (Nairametrics, 14 Sep 2026)
• A green shoe lets the issuer sell up to 30% more shares than the base offer if it is oversubscribed (Vanguard, 12 Oct 2026)

What has happened

• 2026-09-14: The offer opened: 4.1 billion ordinary shares at ₦525 each, minimum application 10 shares (₦5,250). (Premium Times)
• 2026-09-14: Subscriptions of about ₦1.5 trillion were reported within the first hour. That is money applied for, not shares allotted. (Nairametrics)
• 2026-10-12: The issuer extended the offer by two weeks, to Tuesday 27 October 2026, with SEC approval, citing demand across Africa and time for account opening and identity checks. (Channels Television)
• 2026-10-12: Trading is expected to begin about 15 business days after allotment, which points to early December 2026. No listing date has been confirmed. (Bloomberg)
• 2026-10-18: The issuer said applications had come from more than 90 countries, including 51 of Africa's 54, but published no amount and no number of applicants. (TheWill)
• 2026-10-27: The offer is scheduled to close. The issuer says it does not envisage a further extension. (Channels Television)
• 2026-10-28: Dangote Refinery Makes History as IPO Attracts Investors from 120 Countries, All 54 African Nations (Nairametrics)

Things to weigh

• Listing date and trading symbol have not been announced
• If the offer is oversubscribed, investors may be allotted fewer shares than they applied for
• The company names existing and planned refineries in Nigeria, Africa, the Middle East and Asia as competitive pressures (Nairametrics, 15 Sep 2026)
• The SEC has warned investors to subscribe only through approved channels (Nairametrics, 14 Sep 2026)

The alternative

A 364-day Treasury Bill returns 18.76% on the money paid, fixed in naira. This page works out how far the share price would have to rise to match it.

Figures are as reported, with sources. Check the prospectus before subscribing. Not investment advice.