Peter Uzoho
Dangote Petroleum Refinery and Petrochemicals has reported a pointy enhance in investor subscriptions as its landmark Initial Public Offering (IPO) enters its last days, with retail and institutional buyers accelerating participation forward of the time limit of October 27.
The firm confirmed, in an announcement yesterday, that the IPO will shut on Tuesday, October 27, as scheduled.
The firm stated, “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 just 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 greater refining throughput, improved operational reliability and stronger refining margins.
The firm additionally strengthened its steadiness sheet, transferring from a internet debt place to a internet money place in the course of the interval.
It stated the robust monetary efficiency, mixed with the refinery’s strategic significance to Africa’s power safety and industrial growth, 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 stated, “The stage of investor curiosity we’re seeing displays rising confidence in our enterprise and within the robust monetary outcomes we’ve 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 chance 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 acquired from throughout (*27*), different African nations 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 power asset. It is a platform for industrial progress, foreign-exchange era, regional commerce, power safety and financial growth 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 unusual 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 by means of their stockbrokers and authorized 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 assist all through the provide interval.
The firm added that the robust demand recorded to date demonstrated rising investor confidence in African-owned industrial enterprises and highlighted the growing capability of African capital markets to assist large-scale transformational investments.
The assertion stated, “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.”
