…targeting shares to start NGX trading by end of the month
Africa’s biggest refinery attracted about 5.85 trillion naira ($4.1 billion) of applications for shares in the continent’s largest public offering to date, almost three times the amount it sought to raise, Bloomberg reported citing people familiar with the matter.
Dangote Petroleum Refinery and Petrochemicals FZE, which aimed to garner at least $1.6 billion in the IPO, received about $1.9 billion in inquiries from investors in its home country of Nigeria and a further $2.1 billion from prospective international buyers, said the people who declined to be identified because the information is private.
The Public Investment Corp. (PIC), which oversees about $220 billion in pensions of South African state workers and is the continent’s biggest money manager, asked for a large allocation the people said, declining to specify the amount. The allocation could be accommodated through a secondary share sale, said the people.
Nigerian pension fund administrators (PFA’s) managing about 11.39 million members (as at August 2026) and $23.86 billion in pension assets also asked for allocations, they said.
Investors have raced to secure a stake in the Lagos-based crude-processing facility that’s Africa’s largest as well as one of the biggest globally and owned by its richest man, Aliko Dangote. Exchanges across the continent are providing structures to give buyers access to the listing that has attracted applications from all 54 countries in the region.
There are close to 4 million unique subscription applications, plus the pension funds that indirectly have tens of millions of contributors, said the people. Dangote had targeted 10 million retail investors.
The company is due to submit a draft allotment announcement to Nigeria’s Securities and Exchange Commission this week, with the regulator expected to sign off on how the refiner will distribute the shares on Nov. 17.
Trading will start 15 business days after the allotment date, according to the prospectus, which will likely be on Dec. 8, though the company is targeting the start of trade by the end of this month, subject to approvals, the people said.
The complex is one of Africa’s most strategic industrial assets and provides a rare, large-scale equity transaction for international investors seeking exposure to the continent.
The deal also proves that significant allocation can be secured from African investors, rather than depending on Wall Street or London for investment in local assets.
Last month, Bloomberg reported that the company is expected to make use of an additional 30% over-allotment option, largely to create room for overseas investors.
Even with the expanded allocation that would take the fundraising to about $2.1 billion, demand from foreign investors has exceeded available stock, the people said.
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