Firm says subscriptions acquired from over 90 nations globally
Renaissance Capital raises refinery’s valuation by 33.4% to N700
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
Dangote Petroleum Refinery & Petrochemicals yesterday introduced that its ongoing Initial Public (*51*) (IPO) has attracted overwhelming participation from traders throughout Africa and the worldwide funding neighborhood, with subscriptions acquired from greater than 90 international locations, together with traders from 51 of Africa’s 54 nations.
The scale and geographical unfold of participation make the transaction Africa’s first actually pan-African public providing, demonstrating rising confidence in African-led industrial growth and an rising urge for food amongst Africans to take possession of strategic property constructed on the continent.
Dangote Refinery disclosed this in an announcement, saying the supply has already rewritten the file books, changing into the most important public providing ever launched in the Nigerian capital market on its opening day and surpassing the earlier African file inside its first ten days.
It stated the achievement has been pushed by sturdy demand from retail traders, pension funds, institutional traders, asset managers, fintech platforms, and members of the investing public.
A supply near the administration of Dangote Petroleum Refinery described the milestone as a defining second for Africa’s capital markets and financial future.
“This offering is far more than a capital-raising exercise. It represents a historic opportunity for Africans and global investors to participate directly in the ownership of one of the continent’s most transformative industrial assets. The impressive participation from investors across Africa reflects a shared belief that Africans should not merely consume the benefits of industrialisation but also own the assets that drive it and share in the wealth they create,” the supply stated.
The outstanding investor response comes amid the refinery’s sturdy operational and monetary efficiency.
According to the supply, the refinery’s present efficiency has considerably outpaced the assumptions used in arriving on the IPO valuation.
“The refinery’s financial and operational performance has progressed significantly beyond the baseline assumptions underpinning the IPO. The combination of scale, efficiency, market reach and operational momentum continues to create substantial value for shareholders and reinforces confidence in the company’s long-term growth trajectory”, the supply stated.
The transaction has additionally accelerated the combination of African capital markets via pioneering cross-border collaborations involving Botswana, Egypt, Ethiopia and Kenya, serving to to simplify participation and broaden investor entry throughout the continent.
Management stated it views the IPO as a strong demonstration of the rising sophistication, depth and interconnectedness of African capital markets, whereas additionally offering a template for future continent-wide funding choices.
The refinery reiterated that the IPO affords traders a novel alternative to take part in the possession of one in every of Africa’s largest and fastest-growing industrial enterprises, with the potential for USD-linked dividends, topic to the corporate’s dividend coverage and relevant regulatory approvals.
With the supply scheduled to shut on 27 October 2026, the corporate has intensified investor schooling and engagement actions throughout key markets to make sure broader inclusion and participation. It additionally emphasised that no additional extension of the supply interval is at the moment envisaged.
Speaking additional on the importance of the transaction, the supply near administration said:
“We are witnessing the emergence of a new era in African industrial ownership and capital-market development. The extraordinary response from investors across 51 African countries and more than 90 nations around the world is a powerful vote of confidence in Africa’s future and in the ability of world-class African enterprises to generate sustainable long-term value for shareholders.”
Dangote Petroleum Refinery expressed appreciation to regulators, issuing homes, stockbrokers, monetary establishments, fintech companions, investor associations, neighborhood leaders and the investing public for his or her help and participation all through the supply interval.
Meanwhile, Renaissance Capital Africa (RCA) has raised its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, representing a possible 33.4 per cent upside from the refinery’s preliminary public providing (IPO) value of N525 per share.
The funding analysis agency attributed the revised valuation to stronger refining margins and better-than-expected monetary and operational efficiency in the primary 9 months of 2026, with income, earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA), and internet revenue all exceeding its projections.
In an replace on the weekend titled: “Stronger Refining Margins Drive Earnings Outperformance,” RCA highlighted the refinery’s sturdy earnings progress and enhancing monetary place as key components underpinning its extra optimistic evaluation.
For the 9 months ended September 30, 2026, Dangote Petroleum Refinery reported income of $22.5 billion and internet revenue of $4.7 billion, marking a major turnaround from the $117.2 million loss recorded in the corresponding interval of 2025.
Revenue elevated by 144 per cent from $9.2 billion in the previous 12 months, whereas EBITDA surged practically nine-fold to $5.5 billion from $627.6 million.
The refinery’s working money circulate additionally rose greater than ten-fold to $3.68 billion, reflecting its rising capability to generate money from operations amid stronger refining margins and improved efficiency.
The improved earnings translated right into a stronger steadiness sheet, with the corporate shifting from a internet debt place of $1.73 billion as of September 2025 to a internet money place of $651 million by September 2026.
The shift, alongside the stronger money circulate, it stated, factors to an enchancment in the refinery’s liquidity and monetary resilience because it consolidates its place in the home and worldwide petroleum merchandise markets.
RCA’s revised valuation affords a extra bullish evaluation of the refinery’s prospects following its sturdy nine-month efficiency.
However, the projected upside will depend on the sustainability of refining margins, working efficiency and broader market situations.
