Dangote Refinery IPO Draws ₦6.4tn in Orders, Nearly Triple Target

Dangote Petroleum Refinery’s initial public offering has reportedly attracted orders worth about ₦6.4 trillion, nearly three times the size of the planned share sale. The offer, valued at about $1.6 billion, closed on Tuesday, 27 October 2026. Retail and institutional investors in Nigeria reportedly placed orders worth roughly $4.78 billion. Strong demand could lead the company to exercise a greenshoe option and raise up to $2.1 billion, although this has not been confirmed. More than two million investors reportedly subscribed through digital channels. Shares were offered at ₦525 each, with a minimum application of 10 shares. Final allocations will be determined through the formal allotment process.

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