Dangote Refinery's IPO draws ₦5.85 trillion of bids against a ₦2.15 trillion target, Nairametrics reports
Applications exceeded the offer by 172%, but three subscribers account for nearly half of the shares sought.
Key findings
- Applications reached about ₦5.85 trillion for 11.15 billion shares, against 4.1 billion offered, Nairametrics reported; Leadership put the oversubscription at 172%.
- Reuters, cited by Daily Trust, put orders at about ₦6.4 trillion, so the final tally may differ from the figures reported so far.
- Three subscribers sought 46.72% of the shares applied for, worth about ₦2.73 trillion.
- The smallest retail applicants were 84.39% of subscribers but sought only 0.56% of the shares.
- The SEC allowed the company to keep up to 30% more than the base offer; the allotment will set the amount raised.
The initial public offering of Dangote Petroleum Refinery attracted about ₦5.85 trillion in applications, according to subscription data seen by Nairametrics. Investors applied for 11.15 billion shares against 4.1 billion on offer, well beyond the company's initial target of ₦2.15 trillion. Leadership, citing the same data, put the oversubscription at 172%.
Other reports differ on the exact size of the book. Daily Trust cited Reuters as saying the offer drew about ₦6.4 trillion in orders from Nigerian investors, while Semafor, citing Bloomberg, said Aliko Dangote had aimed to raise around $1.6 billion. Nairametrics, also citing Bloomberg, reported applications of about $4.1 billion, of which $1.9 billion came from Nigerian investors and $2.1 billion from international investors. The offer ran from 14 September and was extended to 27 October.
Many applicants, a few large cheques
The book was broad but concentrated. Nairametrics reported nearly 3.8 million subscribers in the smallest application band, 84.39% of all subscribers, who together applied for shares worth ₦32.69 billion, or 0.56% of the shares sought. At the other end, three subscribers accounted for 46.72% of the shares applied for, worth about ₦2.73 trillion.
Speaking in Lagos before the figures emerged, Mr Dangote told an audience that the offer had not reached his goal of 10 million retail investors, Daily Trust reported, blaming the short offer period and difficulty some people had in applying.
Why it matters
The offer is the largest test yet of how much domestic and foreign capital a Nigerian company can raise at home. The proceeds are meant to help finance an expansion that would lift the refinery's capacity to about 1.4 million barrels a day, part of an investment plan of about $14.3 billion over five years, according to Nairametrics. The Securities and Exchange Commission has allowed the company to absorb up to 30% more than its base offer, so the allotment, not the bids, will decide the amount raised.
What to watch
- The allotment announcement and the final amount raised, including any use of the 30% upsize.
- How shares are split between retail, institutional and foreign investors.
- The listing date on the Nigerian Exchange.
Methodology
Subscription figures, the investor breakdown, the SEC upsize allowance and the expansion plan are from subscription data reported by Nairametrics on 10 November 2026 and by Leadership on 11 November. The alternative order total is Reuters' as cited by Daily Trust; the dollar figures are Bloomberg's as cited by Nairametrics and Semafor. These are applications, not allotments, and the figures have not been confirmed by the company. No market data is used.
Sources
- 1Exclusive: Dangote Refinery IPO attracts N5.85 trillion in bids from nearly 3.8m applicants
- 2Dangote Refinery IPO Records 172% Oversubscription As Bids Hit N5.85trn
- 3Why Refinery’s IPO didn’t hit 10m investors – Dangote
- 4Dangote Refinery IPO draws more than $4B of interest