Dangote Refinery Sets IPO Subscription Date for September 14, 2026

Daba Finance/Dangote Refinery Official Sets Date for IPO Subscription

BREAKING NEWSSeptember 7, 2026 at 12:34 PM UTC

TLDR

Dangote Petroleum Refinery's IPO subscription window opens on September 14 and closes on October 13, 2026, with 4,100,000,000 ordinary shares priced at ₦525.00 ($0.40) each.
Investors can apply for shares through stockbrokers and online platforms, with a minimum subscription of 10 shares and full payment due upon application.
The refinery, processing 650,000 barrels of crude oil daily, will list on the Main Board of the Nigerian Exchange post-offer closure for growth capital expenditure, offering bonus shares to eligible retail investors.

Dangote Petroleum Refinery has set the subscription date for its initial public offering, with the window opening on September 14, 2026, and closing on October 13, 2026. The dates follow approval from Nigeria's Securities and Exchange Commission and today's release of the offer prospectus, and the company confirmed them at a signing ceremony held alongside the prospectus launch.

Investors will be able to apply for shares through licensed stockbrokers and approved online investment platforms once the window opens. The offer covers 4,100,000,000 ordinary shares priced at ₦525.00 ($0.40) each, with a minimum subscription of 10 shares and further applications in multiples of 10 thereafter. A full subscription would raise ₦2.15 trillion (about $1.6 billion), and payment is due in full on application.

The refinery plans to list on the Main Board of the Nigerian Exchange once the offer closes. The offer runs by way of an offer for subscription, with retail investors applying through an electronic application and qualified investors applying electronically or through an investor application form. Vetiva, FirstCap and Stanbic have been appointed to manage the offer process.

Dangote set the offer at a fixed price of ₦525.00 ($0.40) a share for the refinery, which processes 650,000 barrels of crude oil a day and ranks as the world's largest single-train facility. Proceeds from the offer will fund growth capital expenditure, and eligible retail investors who hold the minimum required shareholding for the applicable period may receive up to two additional shares at no extra cost, subject to regulatory approval.

Application forms and payment instructions will be available through receiving banks and brokers named in the prospectus, and investors who apply before the window closes will receive an allotment based on the level of subscription. In the event of oversubscription, the issuer may absorb up to 30% of the offer beyond its target size, subject to SEC approval, and the company said allotment results will follow standard exchange timelines.

For more information on how to participate and to track the Dangote IPO, view the dedicated IPO page here.

Key Takeaways

Setting a fixed subscription window lets brokers, banks, and investors plan around the Dangote Refinery offer, and the confirmed dates put that window at September 14 to October 13, 2026. The offer covers 4,100,000,000 ordinary shares priced at ₦525.00 ($0.39) each, at a fixed price, with a minimum subscription of 10 shares and further applications in multiples of 10. A full subscription would raise ₦2,152,500,000,000, or about ₦2.15 trillion (about $1.58 billion), and payment is due in full on application rather than in installments. Retail investors apply electronically, while qualified investors can apply electronically or through an investor application form, and the offer runs by way of an offer for subscription rather than a book-building process. An incentive programme lets eligible retail investors receive up to two additional shares at no extra cost if they hold the minimum required shareholding for the applicable period, subject to regulatory approval, a detail aimed at rewarding investors who stay in the stock rather than sell immediately after listing. Oversubscription is addressed directly in the offer terms: the issuer may absorb up to 30% of the offer beyond its target size, subject to SEC approval, which gives the company room to accept strong demand without scaling back every applicant's allotment. Shares will list on the Main Board of the Nigerian Exchange once the offer closes, and dividends are structured to be paid in US dollars even though shares are bought in naira, according to earlier company disclosures. Analysts still flag currency risk and execution risk tied to the refinery's operations as factors worth weighing before the window closes.

Dangote IPO