Dangote Petroleum Refinery and Petrochemicals revealed on Sunday that its active initial public offering has secured subscriptions from 51 of Africa's 54 countries, with participation extending to more than 90 nations worldwide. According to Punch, the firm stated that this engagement reflects broad interest in owning shares in the refinery, which is scheduled to close its offer on October 27, 2026.
Murat Erden, the Chief Financial Officer of the Dangote Group, characterized the transaction as a landmark opportunity for both African and global investors. In a statement reported by Punch and AllAfrica, Erden noted that the participation demonstrates a shared conviction that Africans should own and create wealth from the continent's industrial development. The firm maintained that the IPO shattered the Nigerian capital market record on its opening day and overtook the prior African benchmark within its first ten days, driven by demand from retail investors, pension funds, and institutional investors.
The strong investor response coincides with a significant improvement in the refinery's financial results. For the nine-month period concluding September 30, 2026, the company reported revenue of $22.5 billion and a net profit of $4.7 billion, a sharp reversal from a loss of $117.2 million in the same period of 2025. AllAfrica reported that revenue rose by 144 percent, while earnings before interest, taxes, depreciation, and amortization jumped nearly ninefold to $5.5 billion. The firm also transitioned from a net debt position of $1.73 billion in September 2025 to a net cash balance of $651 million by September 2026.
Erden stated that the refinery's operational momentum and efficiency have surpassed the baseline assumptions used to determine the IPO valuation. The firm disclosed that the offer benefited from cross-border collaborations with Botswana, Egypt, Ethiopia, and Kenya, which helped broaden access for investors across the continent. Renaissance Capital Africa recently raised its valuation of the refinery to N700.41 per share, citing stronger refining margins and better-than-expected performance.
With the offer period nearing its end, the refinery has intensified investor education and engagement activities in key markets. The firm stressed that an additional extension of the subscription window is not currently anticipated, aiming to finalize the transaction as a template for future continent-wide investment offerings.