N環球 
Lagos: Dangote Refinery IPO draws investors from 51 African countries, closes Oct. 27
Dangote Petroleum Refinery said Sunday its IPO has drawn subscriptions from 51 of Africa's 54 countries and more than 90 countries worldwide; the offer closes October 27 with no extension planned. The company also disclosed 9M 2026 revenue of $22.5B and net profit of $4.7B.
Why it matters
Dangote Petroleum Refinery & Petrochemicals said in a statement on Sunday (October 19) that its ongoing initial public offering has drawn subscriptions from 51 of Africa's 54 countries and more than 90 countries worldwide — Africa's first truly pan-African public offering. The offer closes on October 27, 2026, with no extension planned.
Full report
The company said the IPO broke the Nigerian capital market record on its opening day and surpassed the previous African record within its first 10 days. Demand came from retail investors, pension funds, institutional investors, asset managers and fintech platforms.
The figures disclosed are the company's own and unaudited: 9M 2026 revenue of $22.5 billion, up 144% from $9.2 billion a year earlier; net profit of $4.7 billion, against a loss of $117.2 million; EBITDA of $5.5 billion, about nine times the prior-year $627.6 million; operating cash flow of $3.68 billion, about ten times higher; and a net cash position of $651 million as of September 2026 versus net debt of $1.73 billion a year earlier.
In an October 16 note, Renaissance Capital Africa raised its valuation to ₦700.41 per share, implying 33.4% upside from the ₦525 offer price.
The refinery, in Lagos, is one of Africa's largest single-train refining facilities. This report covers only verified disclosed figures and makes no market forecast.
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