Dangote Petroleum Refinery and Petrochemicals says its ongoing Initial Public Offering has attracted subscriptions from more than 90 countries, including 51 of Africa 54 nations.
The company, in a statement on Sunday, described the transaction as Africa’s first truly pan African public offering, noting exceptional participation reflects strong investor confidence in African led industrialization and growing desire among Africans to own strategic assets built on the continent.
According to the company, the IPO has set new benchmarks in capital markets, breaking the Nigerian market record on opening day and surpassing previous African record within the first ten days, driven by robust demand from retail investors, pension funds, institutional investors, asset managers and investing public.
Chief Financial Officer of Dangote Group Murat Erden said the offering represents far more than a capital raising exercise, describing it as a landmark opportunity for Africans and global investors to participate in ownership of one of the continent’s most transformative industrial assets.
He said, “Extraordinary participation from individuals and institutions across Africa demonstrates shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it.”
The company said remarkable interest comes against the backdrop of strong operational and financial performance. For nine months ended September 30, 2026, the refinery reported revenue of 22.5 billion dollars and net profit of 4.7 billion dollars, representing one of strongest financial performances recorded by African industrial enterprises.
Results marked a significant turnaround from the corresponding period in 2025 when the company recorded a loss of 117.2 million dollars. Revenue grew by 144 percent from 9.2 billion dollars, while EBITDA increased nearly nine fold to 5.5 billion dollars from 627.6 million dollars. Operating cash flow rose more than ten fold to 3.68 billion dollars.
The company also moved from a net debt position of 1.73 billion dollars as of September 2025 to net cash position of 651 million dollars by September 2026.
Erden said current performance significantly exceeds assumptions underpinning IPO valuation, adding that refinery operational momentum, scale and efficiency continue to create substantial shareholder value.
The company noted the transaction benefited from cross border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, helping broaden access and reduce barriers to participation.
It said the offer is scheduled to close on October 27, 2026 with no further extension currently planned, adding that investor education and engagement activities have been intensified across key markets.
Meanwhile, Renaissance Capital Africa has upgraded the valuation of Dangote Petroleum Refinery and Petrochemicals FZE to 700.41 naira per share, implying 33.4 percent upside from IPO offer price of 525 naira per share.
In an October 16, 2026 update titled Stronger Refining Margins Drive Earnings Outperformance, the investment firm cited robust refining margins and stronger operating results as key drivers of enhanced valuation, noting revenue, EBITDA and net profit all exceeded expectations.
