The refinery, currently valued at $47 billion, is poised to exceed its $2.1 billion target if the company exercises its greenshoe option. While the offering period was extended by two weeks to accommodate the surge, the initial $1.6 billion goal was met solely through domestic and retail participation. This influx of capital marks a significant shift in Nigeria’s investment landscape, aiming to bring millions of everyday individuals into the fold of the continent’s largest public float.
Dangote Refinery IPO Draws Global Interest From 119 Nations
Investors from 119 countries have swarmed the initial public offering for Nigeria’s Dangote refinery, pushing domestic and retail demand to a $1.6 billion milestone. The offering, framed by Africa’s richest man Aliko Dangote as an opportunity for ordinary citizens to secure a stake in the continent’s industrial future, is now oversubscribed.
Aliko Dangote has marketed the campaign as an "IPO for the people," setting a minimum subscription of just 10 shares to encourage participation from workers and entrepreneurs. Beyond the immediate financial windfall, the company plans to channel the proceeds into a $14 billion expansion project. The objective is to double the refinery’s crude processing capacity from its current 700,000 barrels per day to 1.4 million barrels per day by 2029.
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