Dangote Refinery IPO Attracts 5.85 Trillion Naira in Applications

Dangote Petroleum Refinery and Petrochemicals FZE attracted approximately 5.85 trillion naira ($4.1 billion) in share applications during its initial public offering, marking the largest such offering in the history of Africa.

The refinery sought to raise a minimum of $1.6 billion, resulting in the offering being oversubscribed by nearly three times. Investor demand was distributed between domestic and global markets, with Nigerian investors providing $1.9 billion in inquiries and international buyers contributing $2.1 billion.