Peter Uzoho
Dangote Petroleum Refinery and Petrochemicals has reported a pointy enhance in investor subscriptions as its landmark (*27*) Public Offering (IPO) enters its remaining days, with retail and institutional buyers accelerating participation forward of the deadline of October 27.
The firm confirmed, in a press release yesterday, that the IPO will shut on Tuesday, October 27, as scheduled.
The firm mentioned, “This is the final deadline, and no further extension will be granted. Investors wishing to participate must complete their subscriptions before the offer closes.”
The surge in demand follows the refinery’s lately launched nine-month monetary outcomes, which confirmed distinctive progress in income, profitability, and money era, reinforcing investor confidence within the firm’s long-term prospects.
Dangote Refinery reported income of $22.5 billion and internet revenue of $4.73 billion for the 9 months ended September 30, 2026, representing a major turnaround from a loss recorded within the corresponding interval of 2025.
Revenue elevated by 144 per cent year-on-year, whereas Earnings, Interest, Taxes, Depreciation and Amortisation (EBITDA) rose to $5.5 billion, reflecting larger refining throughput, improved operational reliability and stronger refining margins.
The firm additionally strengthened its stability sheet, shifting from a internet debt place to a internet money place in the course of the interval.
It mentioned the sturdy monetary efficiency, mixed with the refinery’s strategic significance to Africa’s vitality safety and industrial improvement, has continued to draw broad-based curiosity from particular person buyers, pension funds, institutional buyers, asset managers, professionals, enterprise homeowners and members of the African diaspora.
The assertion mentioned, “The degree of investor curiosity we’re seeing displays rising confidence in our enterprise and within the sturdy monetary outcomes we’ve got delivered.
“Investors are recognising both the quality of our earnings and the long-term value creation opportunity represented by the refinery.”
According to the refinery, the IPO has turn into greater than a capital-raising train, evolving into a possibility for Africans and worldwide buyers to take part straight within the possession of one of many continent’s most vital industrial enterprises.
It said that subscriptions had been obtained from throughout Nigeria, different African international locations and worldwide markets, underscoring the refinery’s rising fame as a world-class industrial asset.
The firm said, “Investors recognise that this refinery will not be merely an vitality asset. It is a platform for industrial progress, foreign-exchange era, regional commerce, vitality safety and financial improvement throughout Africa.
“The strong response to the offer reflects confidence in the future of African industry and in our ability to continue generating sustainable returns for shareholders.”
The firm additionally reiterated its dedication to broad-based possession, emphasising that the IPO has been structured to make sure that strange buyers can take part alongside institutional buyers within the refinery’s future progress.
It suggested potential buyers who had not but accomplished their subscriptions to take action instantly via their stockbrokers and accepted distribution channels earlier than the deadline.
It said, “This is the ultimate alternative for buyers to take part on this historic provide.
“We encourage all interested investors to complete their applications before the subscription window closes on 27 October.”
Dangote refinery expressed appreciation to regulators, issuing homes, stockbrokers, monetary establishments, fintech companions, investor associations, market operators, and the investing public for their help all through the provide interval.
The firm added that the sturdy demand recorded to date demonstrated rising investor confidence in African-owned industrial enterprises and highlighted the growing capability of African capital markets to help large-scale transformational investments.
The assertion mentioned, “History is being made. The remarkable investor response is a powerful vote of confidence in Africa’s future, in African enterprise, and in the long-term value that world-class industrial projects can create when opened to public ownership. We remain committed to delivering sustained growth and enduring value for all shareholders.”
