Dangote Refinery’s preliminary public providing (IPO) attracted greater than N860 billion in online retail subscriptions from about 1.55 million distinctive online subscribers, with total retail participation probably reaching five million as soon as offline subscriptions are collated.
Nairametrics gathered the online subscription figures from dependable sources with data of the transaction.
The provide closed on Tuesday, October 27, 2026, with Dangote Refinery stating that it was absolutely subscribed, whereas the out there retail information at the moment covers online participation.
Bamboo leads online retail transactions
About 2.2 million online subscription transactions have been recorded in the course of the provide, in response to data obtained by Nairametrics.
Bamboo led the transaction count with greater than 600,000 transactions valued at about N99 billion.
The figures spotlight the function of funding platforms and monetary establishments in attracting online retail buyers to the provide. Bamboo, a inventory market app identified for offering entry to overseas shares, accounted for the most important transaction count among the many platforms recognized within the findings.
- Bamboo recorded greater than 600,000 transactions, with a subscription worth of about N99 billion.
- Zenith Bank recorded about N98 billion in subscription worth, whereas FirstBank and Chapel Hill recorded about N60 billion and N57 billion, respectively.
- The NGX recorded about 60,000 transactions, with a subscription worth of N36.4 billion.
Across online channels, the total subscription worth exceeded N860 billion, whereas the distinctive subscriber count stood at about 1.55 million.
Offline subscriptions could carry participation
Total retail participation could reach about five million subscribers when offline subscriptions are collated, sources advised Nairametrics.
This would come with subscribers who participated by conventional channels past the online platforms lined by the present findings.
Nairametrics understands that many retail subscribers nonetheless depend on community-based purchases, associations and different organisations to take part in provides. These channels could carry the eventual subscriber count above the roughly 1.55 million distinctive subscribers recorded online.
- Community-based retail purchases are among the many channels anticipated to contribute to the broader retail subscriber total.
- Subscriptions organised by associations and numerous organisations could additionally add to the variety of individuals.
- Sources estimate that the mixed retail subscriber count could reach about five million, though that determine stays topic to the collation of offline subscriptions.
During the provide, sources stated outreach prolonged to scholar associations, market associations and different stakeholder teams to provide extra folks a chance to subscribe. Members of the Nigeria Police Force and the Army have been additionally being approached by their respective associations. The anticipated contribution from these conventional channels is central to the estimate of a considerably bigger retail subscriber base.
IPO attracted buyers throughout 120 international locations
Nairametrics previously reported that the IPO attracted investor functions from 120 international locations, together with all 54 African nations. According to the corporate, functions got here from all six inhabited continents.
The offer opened on September 14, 2026, supported by banks, stockbrokers, fintech platforms and different distribution companions. Its authentic time limit was subsequently prolonged, giving potential buyers extra time to take part.
- Dangote Refinery supplied 4.1 billion odd shares at N525 per share.
- The provide represented a proposed capital increase of roughly N2.15 trillion.
- Initially scheduled to shut on October 13, the subscription window was prolonged to October 27 following Securities and Exchange Commission approval.
The firm linked the provide to its ambition to broaden African possession of the refinery. Aliko Dangote stated it was meant to provide odd Africans a chance to take part within the enterprise, alongside its fundraising goals.
The worldwide reach offers a wider backdrop to Nairametrics’ findings on online retail subscriptions, which describe one element of participation within the provide.
Retail totals await offline collation
Dangote Refinery’s assertion that the offer was fully subscribed accompanies an ongoing effort to determine the broader retail subscriber count. The online figures obtained by Nairametrics and the estimate for total retail participation describe totally different levels of that evaluation.
The firm formally acknowledged that the provide focused about 10 million distinctive subscribers over its initially deliberate one-month interval.
During the subscription drive, they recognized buying energy as a constraint, at the same time as efforts continued to reach potential buyers by expertise platforms and associations.
- The out there online retail figures present about 1.55 million distinctive subscribers and roughly 2.2 million subscription transactions.
- Online retail subscription worth exceeded N860 billion, in response to sources with data of the transaction.
- The estimate of about five million total retail subscribers consists of anticipated offline participation and stays provisional.
For online retail buyers following the end result, the present findings set up the dimensions of digital participation whereas leaving room for a bigger general retail total. The completion of offline collation will present a fuller account of what number of retail subscribers participated by group, affiliation, organisational and online channels.
