EL7.AI
CommoditiesMedium•27 October 2026•
4 min read

Dangote refinery IPO targets $1.6 billion through 4.1 billion shares

Key Facts

1The offering comprises 4.1 billion ordinary shares priced at 525 naira each.
2The offering targets about $1.6 billion, according to the Associated Press when it launched.
3The refinery recorded net profit of $4.73 billion in the first nine months of 2026, after a loss of $117.2 million in the corresponding period of 2025.
4Revenue rose to $22.48 billion, and earnings before interest, taxes, depreciation and amortization climbed to $5.52 billion in January–September 2026.
5The minimum subscription starts at 10 shares worth 5,250 naira.

Dangote refinery is targeting about $1.6 billion from an initial public offering of 4.1 billion ordinary shares priced at 525 naira each, according to company documents. The offer opened on September 14, and its closing date was later extended from October 13 to October 27, 2026, with approval from Nigeria’s Securities and Exchange Commission. The company said the extension would allow it to expand distribution channels and cross-border depositary receipt programs, while giving investors more time to complete the participation process. According to a Bloomberg report published on October 14, interest in the offer exceeded the target by three or four times, the report said, citing the chairman of the Committee of Securities Exchanges of the Southern African Development Community. That interest does not represent final proceeds, however, as the offer remained open until October 27 and the company had not announced its closing or the results of the application review.

The company set the share price at 525 naira, while the minimum subscription starts at 10 shares worth 5,250 naira, according to the offering website. This minimum allows individuals to submit subscription applications for amounts below the value of a full share package on offer. According to its statement extending the offer, the company aims to facilitate access to African markets by expanding distribution channels. The initiatives it cited also include cross-border depositary receipt programs, broadening the mechanisms for making the offer available to investors. Submitting an application remains separate from share allocation, as the company set out subsequent procedures for collecting applications and reviewing the basis for allocation.

The offer follows a sharp improvement in the refinery’s results in the first nine months of 2026, when it recorded net profit of $4.73 billion, compared with a loss of $117.2 million in the corresponding period of 2025. Revenue rose to $22.48 billion from $9.19 billion, according to data reported by Reuters. Earnings before interest, taxes, depreciation and amortization also climbed to $5.52 billion, from $627.6 million in the corresponding period a year earlier. Chief Executive David Bird said third-quarter performance reflected the refinery’s transition from trial operations and increased production to sustainable commercial operations. These results put operating performance in the context of the share offering, but do not in themselves represent an announcement of a final valuation for the offering or a return for subscribers.

At the launch of the offering, the Associated Press cited a $49 billion valuation for the refinery, more than double its $19 billion construction cost. The agency reported that the refinery began production in 2024 and that two investment platforms were temporarily disrupted by application traffic when subscriptions opened. The refinery reached its cited full capacity of 650,000 barrels per day earlier in 2026, according to the same report. Dangote had announced a plan to increase capacity to 1.4 million barrels per day. The Associated Press said at the launch that public trading in Nigeria was expected to begin in November, with implementation tied to the allocation and settlement dates the company announced later.

Under the revised timetable, the company will collect subscription applications on November 3, 2026, then aims to submit a proposed basis of allocation and a draft allocation announcement to the commission on November 10. It set November 17 as the target date for obtaining the commission’s no-objection to the basis of allocation. After the allocation date, crediting shares to eligible investors’ accounts and the start of trading will take 15 business days under the published timetable. The company cautioned that these dates are indicative and subject to change. The proceeds from the offering, the actual allocation and the number of shares each subscriber will receive therefore remain subject to completion of the closing and subsequent regulatory procedures.