Dangote Refinery signed documents on September 7 for a proposed initial public offering targeting about $1.63 billion, setting up a share sale of 4.1 billion shares at ₦525 each. The offer is scheduled to run from September 14 to October 13, subject to applicable approvals, according to Reuters reporting via MarketScreener.
The planned listing process comes shortly after the refinery reported $1.82 billion in first-half net income, placing the capital raise alongside a period of substantial reported operating profit rather than an indicated deterioration in earnings.
Dangote Refinery sets ₦525 IPO price and September 14 opening
The proposed deal would sell shares at ₦525 apiece, valuing the base offering at roughly $1.63 billion. The timetable announced with the signing puts the opening date one week after the documents were signed, although the transaction remains conditional on approvals.
Dangote Petroleum Refinery’s official IPO information site lists a minimum subscription of 10 shares, costing ₦5,250 at the stated price. As of September 8, the site said subscriptions were not yet open.
The official site provides retail entry terms, while the announced offer window sets out the proposed period for subscriptions once the sale opens. Neither source cited in the available material specifies the approvals still required.
The planned sale follows $1.82 billion in first-half net income
According to a Renaissance Capital Africa research report cited in recent coverage by Billionaires.Africa, Dangote Petroleum Refinery reported first-half 2026 revenue of $13.91 billion, gross profit of $2.50 billion and net income of $1.82 billion.
The reported earnings are the immediate financial context for the proposed equity offering.
Available reporting does not provide a fuller breakdown of the refinery’s first-half results or an IPO prospectus containing additional financial disclosures.
Greenshoe could increase funding for 1.4 million bpd expansion
The offering also includes a potential greenshoe option that could add up to 30% more shares if demand exceeds the base offer, Reuters reported. That mechanism would allow the final deal size to rise above the 4.1 billion-share base offering.
Proceeds are intended to support expansion of the refinery toward 1.4 million barrels per day of capacity. Whether the additional shares are issued will depend on demand for the base sale, under the terms reported for the proposed transaction.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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