Dangote seeks $1.5B in IPO for Africa’s largest refinery, plans to double capacity

Aliko Dangote is taking Africa’s largest oil refinery public. The Dangote Petroleum Refinery & Petrochemicals IPO is targeting approximately $1.5 billion on the Nigerian Exchange, with a potential 15% greenshoe option that could push the total raise even higher. The order book for shares is set to open on September 14, with a listing price of N525 per share, roughly $0.40. The offering represents about 10% of the business through 4.1 billion shares. A private placement that set the stage In July 2026, Dangote completed a $2.5 billion private placement that was oversubscribed by a factor of 3.7. That round valued the refinery at approximately $40 billion. The refinery began full operations in 2024 after a construction journey that cost approximately $20 billion. Its nameplate capacity sits at 650,000 barrels per day, making it the largest single-train refinery on the African continent. The regulatory path to the IPO wasn’t entirely smooth. Nigeria’s Securities and Exchange Commission stepped in during June 2026 to halt unauthorized marketing of the offering. By early September 2026, the SEC had approved the IPO documentation, clearing the way for the formal listing process. Wher...