Investors subscribed to about N1.48 trillion worth of shares in the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO) within the first hour of its opening, signalling strong demand from both retail and institutional investors.
The Nigerian Exchange Group (NGX) said 402,634 transactions worth N1.476 trillion had been recorded before midday on Monday, shortly after the offer opened.
The IPO involves 4.1 billion ordinary shares priced at N525 each, with the company targeting approximately N2.15 trillion from the offer. The subscription will close on October 13, 2026.
The strong opening means investors had subscribed to a substantial portion of the targeted amount within hours of the offer going live, underscoring the scale of interest in the refinery.
Subscription is available through about 55 approved electronic channels, including platforms operated by 20 banks, two mobile-money companies, the NGX Invest platform and 32 fintech and investment firms.
The minimum subscription is 10 shares, costing N5,250 before applicable charges, a structure designed to give a broad range of retail investors access to the offer.
The IPO also carries a greenshoe option of up to 30% to accommodate excess demand.
Speaking during the “Facts Behind the Offer” presentation and gong-striking ceremony at the NGX headquarters in Lagos, Dangote Group President Aliko Dangote said the offering was intended to broaden public participation in the ownership of the refinery rather than simply raise funds.
The shares are new shares being issued by the refinery, meaning proceeds from the offer will go directly to the company rather than existing shareholders.
Dangote Petroleum Refinery and Petrochemicals has positioned the offer as a means of widening ownership of one of Africa’s largest industrial assets, with the group targeting participation from millions of investors.
The development marks one of the most significant public offerings in Nigeria’s capital market, with the refinery’s planned listing expected to further deepen the NGX and expand retail participation in equities.
