Dangote Refinery IPO Closes October 27 Amid Surge In Investor Subscriptions
By Sunday Etuka
Dangote Petroleum Refinery and Petrochemicals says investor subscriptions have increased sharply as its landmark Initial Public Offering (IPO) enters final days with retail and institutional investors accelerating participation ahead of the closing date of October 27 2026.
The company confirmed in a statement on Sunday that the IPO would close on Tuesday October 27 2026 as scheduled, stressing that the final deadline would not be extended and investors wishing to participate must complete subscriptions before the offer closes.
According to the company, the surge in demand follows recently released nine month financial results which showed exceptional growth in revenue, profitability and cash generation reinforcing investor confidence in long term prospects.
Dangote Refinery reported revenue of 22.5 billion dollars and net profit of 4.73 billion dollars for nine months ended September 30 2026 representing significant turnaround from loss recorded in the corresponding period of 2025.
Revenue increased by 144 per cent year on year while EBITDA rose to 5.5 billion dollars, reflecting higher refining throughput, improved operational reliability and stronger refining margins.
The company also strengthened the balance sheet moving from net debt position to net cash position during the period.
Management said strong financial performance combined with strategic importance to Africa energy security and industrial development has continued to attract broad based interest from individual investors, pension funds, institutional investors, asset managers, professionals, business owners and members of African diaspora.
It said the level of investor interest reflects growing confidence in business and in strong financial results delivered, noting that investors are recognising both quality of earnings and long term value creation opportunity represented by the refinery.
According to the management, IPO has become more than a capital raising exercise evolving into an opportunity for Africans and international investors to participate directly in ownership of one of the continent’s most significant industrial enterprises.
The company noted that subscriptions have been received from across Nigeria, other African countries and international markets underscoring refinery growing reputation as a world class industrial asset.
Management reiterated commitment to broad based ownership emphasising that IPO has been structured to ensure ordinary investors can participate alongside institutional investors in refinery future growth.
Prospective investors who have not yet completed subscriptions have been advised to do so immediately through stockbrokers and approved distribution channels before deadline.
Management expressed appreciation to regulators, issuing houses, stockbrokers, financial institutions, fintech partners, investor associations, market operators and investing public for support throughout the offer period.
The company added that strong demand recorded so far demonstrates growing investor confidence in African owned industrial enterprises and highlights increasing capacity of African capital markets to support large scale transformational investments.
