The Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals attracted about N5.85 trillion in bids from nearly 3.8 million applicants, more than double its base target of N2.15 trillion, in the largest equity transaction in African capital market history.
Subscription data according to reports confirmed by market sources showed that investors applied for 11.15 billion shares valued at N5.85 trillion, compared with the 4.1 billion shares originally offered at N525 per share in the offer branded as “The People’s IPO”.
The data, which represented applications rather than final allotments, underscored strong investor appetite for the $20 billion Lagos-based refinery, Africa’s largest, as it pursued a $14.3 billion five-year expansion to raise processing capacity from 700,000 barrels per day (bpd) to 1.4 million bpd by 2029.
The offer, which opened on September 14, 2026 and was extended by the Securities and Exchange Commission (SEC) from October 13 to October 27, allowed a minimum subscription of 10 shares at N5,250 to broaden retail participation.
According to multiple reports, the structure of demand revealed two distinct stories: while retail participation drove headcount, a handful of institutions drove value.
Nearly 3.8 million subscribers, about 84.39 per cent of all subscribers, applied for just 62.26 million shares valued at N32.69 billion, representing only 0.56 per cent of total shares subscribed.
Another 404,000 subscribers, about 10.71 per cent of applicants, the report said, subscribed for 178.45 million shares worth N93.69 billion. Combined, the two low-ticket categories accounted for about 95.1 per cent of all subscribers, but only 2.16 per cent of the total shares applied for.
However, that pattern fell short of the ambition articulated by Chairman of Dangote Industries Limited (DIL), Aliko Dangote, who had targeted 10 million retail investors to democratise ownership of the refinery.
On the other hand, concentration was stark at the top, with just three subscribers accounting for about 46.72 per cent of total subscriptions, worth about N2.73 trillion, the report explained.
One investor applied for 771 million shares worth about N405 billion, or 6.92 per cent of total demand. Two groups of five investors each applied for 671.5 million shares worth N352.54 billion and 667.91 million shares worth N350.65 billion, respectively, according to the subscription summary.
The identities of the subscribers were not disclosed, but Bloomberg had earlier reported about $4.1 billion in total demand, comprising $1.9 billion from Nigerian investors and $2.1 billion from international investors, including South Africa’s Public Investment Corporation (PIC), which manages about $220 billion in pension assets, and Nigerian pension fund managers.
The offer also generated more than N860 billion in online retail subscriptions from about 1.55 million unique online subscribers, with about 2.2 million online subscription transactions processed before collation of offline channels.
In the meantime, attention will now shift to allotment and listing as SEC has allowed the refinery to absorb up to 30 per cent of oversubscription on top of its base offer, which could raise final proceeds.
The company will determine allocation across categories, subject to regulatory approval, which will define actual amount raised and final shareholder base.
The refinery’s IPO showing did not come as a surprise, with demand supported by recent financials. For the nine months ended September 2026, the refinery reported revenue of $22.48 billion, up 144.47 per cent year-on-year, and profit after tax of $4.73 billion, compared with a loss of about $117 million in the corresponding period of 2025.
Meanwhile, Dangote Cement Plc cancelled its proposed secondary listing and offering on the London Stock Exchange (LSE), citing current market conditions and strategic priorities, in a setback for the UK bourse, which had struggled to attract major new issuers.
The decision was disclosed in a notice filed with the Nigerian Exchange Limited (NGX) on Tuesday following a board meeting held on November 10, 2026.
The company stated, “The Board resolved that, in light of current market conditions and the Company’s strategic priorities, the Company announces that it and its selling shareholder, Dangote Industries Limited (DIL) will not proceed with the proposed secondary listing and offering on the London Stock Exchange at this time.”
The notice said, “The company’s ordinary shares remain listed on the NGX, and this decision does not in any way affect the company’s operations or business plans. Dangote Cement Plc remains focused on delivering sustainable value to its shareholders and building on its strong market position.”
The Lagos-listed cement maker, valued at N24.79 trillion ($18.42 billion), is Africa’s largest cement producer with the capacity of about 51.6 million tonnes per annum across 10 African countries.
Dangote Industries Limited had planned to sell about 10 per cent of Dangote Cement in a secondary offering worth roughly $1 billion, according to market sources, in a deal that would have been one of the biggest African listings in London in recent years. Citi, JPMorgan, and Standard Bank were understood to be advising.
Chairman of the group, Aliko Dangote, had first disclosed the London plan in May, telling the Financial Times that a dual listing would widen access to overseas investors and capital. In September, the company held a capital markets day in London to market the story to institutional investors.
Emmanuel Addeh
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