Dangote Refinery Signs IPO Registration Documents on September 7, Targets ₦2.15 Trillion Raise

According to Crypto Briefing, Dangote Petroleum Refinery & Petrochemicals FZE signed IPO registration documents on September 7, advancing preparations for what could be Africa's largest initial public offering. The offering will include 4.1 billion ordinary shares priced at ₦525 (approximately $0.40) each, with a base raise target of ₦2.15 trillion ($1.63 billion). A 15% greenshoe option could boost the total proceeds further. The order book is scheduled to open on September 14.

The refinery's prior private placement round raised $2.5 billion and was oversubscribed 3.7 times. CEO David Bird has positioned the IPO as a "people's IPO," signaling that Nigerian and African retail investors will have access to the deal. The facility currently operates at 650,000 barrels per day capacity, with tests reaching 700,000 bpd.