Dangote Refinery Signs IPO Documents, Plans to Raise N2.15 Trillion

en.Wedoany.com Reported - On September 7, Dangote Petroleum Refinery and Petrochemicals formally signed its Initial Public Offering (IPO) documents in Lagos, Nigeria, together with its issuing advisers and transaction-related parties. Under the terms of this offering, the company plans to issue 4.1 billion ordinary shares at a price of N525 per share. If fully subscribed, the offering is expected to raise approximately N2.15 trillion (about $1.63 billion). The subscription window is scheduled to open on September 14 and close on October 13. Based on the current indicative timeline, the shares could begin trading on the Nigerian Exchange as early as late November.

The Securities and Exchange Commission of Nigeria has approved the IPO and registered Dangote Petroleum Refinery and Petrochemicals' existing 120.13 billion ordinary shares. The minimum subscription for this public offering is 10 shares, corresponding to a minimum subscription amount of N5,250. The issuing advisers disclosed that the transaction structure also takes into account the refinery's dollar-denominated business revenue, and eligible future dividends may be paid in U.S. dollars. Institutions including Vetiva Advisory Services are participating in the offering and listing arrangements.

The document signing also disclosed new expansion investment plans for the refinery. According to the IPO prospectus, Dangote plans to invest approximately $14.3 billion in capacity expansion, increasing refining capacity from the current approximately 700,000 barrels per day to 1.4 million barrels per day by 2029, as stated in the prospectus. The refinery previously involved construction investment of approximately $20 billion, with an original design capacity of 650,000 barrels per day, which was further enhanced following relevant adjustments completed in 2026.

The prospectus also disclosed the refinery's latest operating data. In the first half of 2026, the company recorded a profit of approximately $1.82 billion; by comparison, it posted a loss of approximately $476 million in 2025. Proceeds from this IPO will be used for the refinery's subsequent capital expenditure and expansion plans, and the company intends to proceed with its formal listing on the Nigerian Exchange following the completion of the public offering.