Dangote Refinery Set IPO Price At N525 Per Share

Dangote Petroleum Refinery has set its initial public offering price at N525 per share, as the company prepares to raise fresh capital from investors through a landmark share sale.

The refinery is expected to offer about 4.1 billion shares to investors, with the transaction potentially raising about $1.5bn based on the agreed price.

The offer is expected to open on September 14, 2026, according to people familiar with the transaction

At N525 per share, the 4.1 billion shares being offered are worth about N2.15tn, making the transaction one of the largest equity offerings in Nigeria’s capital market.

The planned IPO is part of Dangote Refinery’s efforts to raise funds for expansion as it seeks to increase its refining capacity beyond its current 650,000 barrels per day.

The company has been working towards expanding the refinery’s capacity to about 1.4 million barrels per day, which would further strengthen its position as one of Africa’s largest refining facilities.

The proposed IPO has attracted considerable attention from investors because of the refinery’s size and its strategic importance to Nigeria’s energy sector.

The company is expected to offer shares to both institutional and retail investors, potentially giving Nigerians an opportunity to take direct ownership in one of the country’s biggest industrial assets.

The planned share sale also comes amid efforts by Nigerian authorities to deepen the domestic capital market and encourage greater participation by local investors.

Earlier reports had indicated that Dangote Refinery was considering an IPO price range of between N500 and N595 per share, with the offering potentially raising between $1.55bn and $1.8bn.

The N525 price therefore places the offer towards the lower end of the previously reported range.

A 15 per cent greenshoe option is also expected to give the company flexibility to increase the size of the offer if demand exceeds the number of shares initially available.

The refinery, located in the Lekki Free Zone in Lagos, began commercial operations in 2024 and has progressively increased production as it ramps up towards full capacity.