Dangote Petroleum Refinery and Petrochemicals said its initial public offering has attracted investors from 51 of Africa's 54 countries, with subscriptions also received from more than 90 countries globally. The company said the level of participation demonstrated investor interest in owning shares in the refinery, with the offer scheduled to close on 27 October 2026.
The refinery reported strong financial results for the nine months ended 30 September 2026, according to the company. Revenue reached $22.5bn compared with $9.2bn in the same period of 2025, a rise of 144 per cent. Net profit stood at $4.7bn, turning around from a loss of $117.2m in the corresponding 2025 period. Earnings before interest, taxes, depreciation and amortisation increased nearly ninefold to $5.5bn from $627.6m.
The company said the IPO set a Nigerian capital market record on its opening day and broke the previous African record within its first 10 days. Dangote Group's Chief Financial Officer, Murat Erden, said the financial performance had exceeded assumptions used in determining the IPO valuation. Operating cash flow rose more than tenfold to $3.68bn, while the company moved from a net debt position of $1.73bn in September 2025 to a net cash position of $651m in September 2026.
The refinery said cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya helped broaden access for investors across Africa. The company stressed that no further extension of the offer period is currently planned.