Dangote Refinery to Offer Shares at ₦525 in Planned IPO

Dangote Group is planning an initial public offering for its refinery business that could raise about $1.5 billion, with shares reportedly priced at ₦525 each.

According to Reuters, citing sources with direct knowledge of the proposed transaction, the company plans to sell approximately 4.1 billion shares. The final terms of the offering remain subject to confirmation. 

The order book is expected to open on September 14, while the proposed offer could include a 15% greenshoe option, allowing the company to sell additional shares if demand exceeds the initial offer. 

Proceeds from the planned IPO are expected to support Dangote Refinery’s expansion plans, including a proposed increase in refining capacity from 650,000 barrels per day to about 1.4 million barrels per day. 

Aliko Dangote had earlier indicated that the refinery’s long-awaited IPO would open within days, describing the planned public offering as part of the company’s broader expansion strategy. 

The final pricing and offer details are expected to be formally confirmed as the transaction progresses.