Dangote Refinery Signs $1.63B IPO After $1.82B First-Half Profit

Dangote Refinery signed documents on September 7 for a proposed initial public offering targeting about $1.63 billion, setting up a share sale of 4.1 billion shares at ₦525 each. The offer is scheduled to run from September 14 to October 13, subject to applicable approvals, according to Reuters reporting via MarketScreener.

The planned listing process comes shortly after the refinery reported $1.82 billion in first-half net income, placing the capital raise alongside a period of substantial reported operating profit rather than an indicated deterioration in earnings.

Dangote Refinery sets ₦525 IPO price and September 14 opening

The proposed deal would sell shares at ₦525 apiece, valuing the base offering at roughly $1.63 billion. The timetable announced with the signing puts the opening date one week after the documents were signed, although the transaction remains conditional on approvals.

Dangote Petroleum Refinery's official IPO information site lists a minimum subscription of 10 shares, costing ₦5,250 at the stated price. As of September 8, the site said subscriptions were not yet open.

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