Africa’s largest ever initial public offering is now live. Dangote Petroleum Refinery and Petrochemicals FZE opened its public offer on 14 September 2026. Here is a clear breakdown of the share price, amount being raised, structure, and context.
Offer price: ₦525 per ordinary share (fixed price).
Shares on offer: 4.1 billion (exactly 4,100,000,000) new ordinary shares.
Gross amount targeted: ₦2.1525 trillion (approximately ₦2.15 trillion) if fully subscribed.
This equates to roughly $1.6 billion at prevailing exchange rates used in contemporaneous reports. Net proceeds after estimated offer costs of about ₦41.5 billion are expected to be around ₦2.11 trillion. The shares represent approximately 3.3% of the enlarged share capital after the offer. At the offer price, the implied valuation of the refinery is in the region of $47–49 billion. This is deliberately framed as a “People’s IPO” because the minimum subscription for retail investors: 10 shares = ₦5,250.
Applications above the minimum must be in multiples of 10. A greenshoe which is an over-allotment option exists. If demand is strong, the company can issue additional shares, reports cite up to 15–30%, potentially lifting total proceeds toward $2.1 billion. The offer is an Offer for Subscription. The company is issuing brand new shares, so the money raised goes to the refinery itself, not to existing shareholders selling down.
The IPO Opened: 14 September 2026 And Closes: 13 October 2026
Allotment and SEC processes expected to follow in late October or November.
The funds are earmarked primarily for the Phase II expansion programme that aims to double capacity from the current approximately 700,000 barrels per day to 1.4 million barrels per day by 2029. The total expansion is estimated at around $14.3 billion. The IPO covers only a portion of that, with the balance expected from internal cash flows, debt, and other financing.
In July 2026 the company completed a $2.5 billion private placement for roughly 6% of the company at a lower implied valuation of about $40 billion. That placement was heavily oversubscribed. The public offer therefore comes at a higher valuation than the private placement. The refinery reported strong H1 2026 result, profit after tax of $1.82 billion, having reached full operational capacity earlier in the year. Retail investors who hold their allotted shares for specified periods may be eligible for a loyalty incentive of up to two additional free shares subject to conditions and regulatory approval.
The offer remains open until 13 October 2026. Prospective investors should read the full SEC approved prospectus carefully and only subscribe through approved channels and receiving agents.