Dangote Refinery draws $4.1bn in bids for Africa's largest listing
South Africa's PIC and Nigerian pension managers sought about $1bn of shares, Bloomberg reported, as the refinery's allotment nears regulatory approval.
Dangote Petroleum Refinery's initial public offering has drawn share applications worth about N5.85 trillion ($4.1bn), nearly three times the $1.6bn the company set out to raise, Punch reported, citing Bloomberg. The refinery processes 700,000 barrels a day at Lekki in Lagos State and is selling shares in what Punch called Africa's largest public offering to date.
About $1.9bn of the demand came from Nigerian investors and $2.1bn from foreign buyers, according to people familiar with the transaction quoted by Bloomberg. Close to four million separate applications were filed, those people said. The company had earlier aimed for 10 million retail investors.
Nairametrics, a Lagos business site, put the total at about $4.3bn from 3.8 million subscribers and valued the whole refinery at close to $50bn.
Bloomberg reported on 13 November that Africa's largest pension funds asked for about $1bn of shares. South Africa's Public Investment Corporation, which manages about $220bn of state workers' pension assets, applied for roughly $500m, and Nigerian pension administrators for about $400m to $500m, according to the account relayed by The Rio Times. Neither Dangote nor the PIC commented, The Rio Times reported.
Nigeria's pension industry covers about 11 million contributors. The National Pension Commission gave administrators a one-off waiver in May 2026 that relaxed some investment rules for this offering, Nairametrics reported.
A 30 percent over-allotment option could lift the amount raised to about $2.1bn, Bloomberg reported. The refinery is expected to submit a draft allotment announcement to the Securities and Exchange Commission this week, with approval of the share distribution expected on 17 November, according to people familiar with the deal.
Trading is due to begin 15 business days after allotment, which would put it around 8 December, although the company is targeting the start of trading before the end of November, subject to regulatory approvals.
Money raised is meant to help double processing capacity to 1.4 million barrels a day, Nairametrics reported. The refinery is owned by Aliko Dangote. News24 reported that orders exceeded R70bn of shares ahead of the listing.
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