Dangote Refinery has opened its N2.15tn IPO on the NGX, offering 4.1 billion shares at N525 each until October 13.
The Dangote refinery IPO officially opened on the Nigerian Exchange (NGX) on Monday, offering 4.1 billion ordinary shares at N525 each.
The offer will close on October 13, with a minimum subscription of 10 shares at N5,250, according to the IPO terms. If fully subscribed, the offer is expected to raise N2.15 trillion (roughly $1.63 billion) to fund the refinery’s expansion operations, the largest equity offering in African history.
At the offer price, the refinery is valued at approximately N65.22 trillion, or about $49 billion, making Dangote Refinery the first refinery to be listed for public subscription in the NGX’s 66-year history. Shares are expected to begin trading on the exchange in November.
Aliko Dangote, president and CEO of Dangote Industries Limited (DIL), formally opened the offer by sounding the gong at the NGX trading floor in Lagos on Monday. The IPO is open to retail, institutional, and eligible African investors, according to the offer terms, with more than 50 distribution channels, including banks, fintechs and NGX Invest, set up to widen access to the offer.
Speaking at the event, Dangote described the offer as the “People’s IPO,” saying members of the public would have an opportunity to participate in the refinery’s ownership.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO.’ We know the journey has actually just started. It’s not only about the refinery,” he said.
Dangote Targets $350 Billion Group Market Cap by 2030
Dangote said the group’s market capitalisation should reach at least $350 billion by 2030, based on a 10-times price-to-earnings ratio.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
Dangote said the conglomerate had raised more funds than it needed to execute all its projects, with about $46 billion allocated for group-wide expansion.
“The Dangote Group has raised more than we need to execute all our projects. We have about $46 billion allocated for group-wide expansion to achieve our 2030 vision, and we remain on track,” he said.
He said the refinery would also list outside Africa within the next three to four years.
“From this exchange, then we can go to any other place,” the industrialist said, adding that the Nigerian capital market would serve as the group’s base for future listings elsewhere.
The Investment Case Behind the Offer
David Bird, Managing Director of Dangote Refinery and Petrochemicals, laid out the wider commercial thesis behind the offer, describing the 700,000-barrels-per-day facility as a “world class and world scale” operation rather than a conventional single-market refinery. He said the planned expansion to 1.4 million barrels per day by 2028 was “fully funded, fully engineered, fully procured,” and would make it the largest integrated refinery and petrochemical complex in the world.
Dangote also tied the refinery to the continent’s broader energy security and industrialisation drive, citing planned expansions in Ethiopia, Kenya, Tanzania and Namibia as part of the group’s Vision 2030 push, which includes diversifying into petrochemicals and building distribution infrastructure across West Africa.
