Dangote Petroleum Refinery and Petrochemicals’ initial public offering (IPO) attracted approximately N5.85 trillion ($4.1 billion) in share applications from nearly 3.8 million subscribers, more than double its base target of N2.15 trillion and the largest equity transaction in African capital market history, according to subscription data confirmed by market sources on November 10, 2026.

Investors applied for 11.15 billion shares compared with the 4.1 billion shares originally offered at N525 per share in the offer branded “The People’s IPO,” representing a 172 per cent oversubscription. The offering opened on September 14, 2026, and was extended by the Securities and Exchange Commission (SEC) from October 13 to October 27 to accommodate demand.

The subscription data revealed a stark divergence between participation and capital mobilisation. Nearly 3.8 million retail subscribers—about 84.39 per cent of all applicants—applied for just 62.26 million shares valued at N32.69 billion, representing only 0.56 per cent of total shares subscribed. A further 404,000 subscribers (10.71 per cent of applicants) applied for 178.45 million shares worth N93.69 billion. Combined, the two low-ticket categories accounted for 95.1 per cent of all subscribers but only 2.16 per cent of total shares applied for.

The figures fell short of Aliko Dangote’s stated ambition of attracting 10 million retail investors to democratise ownership of the refinery.

By contrast, three subscribers alone accounted for 46.72 per cent of total subscriptions, worth about N2.73 trillion. One investor applied for 771 million shares worth approximately N405 billion (6.92 per cent of total demand), while two groups of five investors each applied for 671.5 million shares worth N352.54 billion and 667.91 million shares worth N350.65 billion, respectively.

Bloomberg reported that the total demand comprised about $1.9 billion** from Nigerian investors and **$2.1 billion from international investors, including South Africa’s Public Investment Corporation (PIC), which manages about $220 billion in pension assets, and Nigerian pension fund managers. The offer drew applications from all 54 African countries and more than 90 countries globally.

Attention now shifts to allotment and listing. The SEC has allowed the refinery to absorb up to 30 per cent of oversubscription on top of its base offer, which could raise final proceeds to about $2.1 billion. The company is expected to submit a draft share allotment announcement to the SEC this week, with the regulator expected to approve distribution on November 17. Trading is scheduled to begin 15 business days after the allotment date, potentially around December 8, though the company is targeting commencement before the end of November, subject to approvals.

The IPO’s appeal was bolstered by the refinery’s recent financial performance. For the nine months ended September 2026, the company reported revenue of $22.48 billion, a 144.47 per cent increase year-on-year, and a profit after tax of $4.73 billion, swinging from a loss of approximately $117 million in the corresponding period of 2025. The refinery is pursuing a $14.3 billion five-year expansion to raise processing capacity from 700,000 barrels per day to 1.4 million bpd by 2029.