Nigerian billionaire Aliko Dangote’s $1.6 billion refinery share sale, billed as “The People’s IPO”, drew about three times its target in orders as it closed in Nigeria on Tuesday, October 27, 2026, with investors from 119 countries bidding for a stake in Africa’s biggest initial public offering, according to people familiar with the deal.
Orders from Nigerian retail and institutional investors reached about 6.4 trillion naira ($4.78 billion), against an offer of about 2.15 trillion naira. One person involved said the order book is expected to grow once subscriptions from other African countries are included.
The company has also received more than 2 million subscriptions through digital channels. The offer is for Dangote Petroleum Refinery and Petrochemicals FZE, which is selling 4.1 billion shares at 525 naira each.
The sale opened on September 14 and was due to close on October 13, but the company extended it by two weeks after demand exceeded its targets. It said no further extension would be granted. Investors in all 54 African countries have applied for allocations.
Demand from buyers outside Nigeria could exceed the shares left for them, the sources said, and Dangote could sell part of his own stake to investors who miss out, although no decision has been made.
What makes the offer stand out is how small the entry ticket is. The minimum subscription is 10 shares, or 5,250 naira, roughly $4, which Dangote has said is aimed at millions of ordinary Nigerians and Africans. The company has promised that applicants seeking 50,000 naira ($37) of shares or less will get priority if the offer is oversubscribed.
Because of the heavy demand, investors should expect to receive fewer shares than they applied for, and unused funds will be returned. Given the demand, Dangote was also expected to use a greenshoe option that could raise the offering to as much as $2.1 billion.
Investor appetite has been helped by the refinery’s performance. Higher crude prices linked to the Iran war have lifted refining margins. The company reported revenue of $22.5 billion and net profit of $4.73 billion for the nine months to September 30, 2026, after a profit of $1.82 billion in the first half. Analysts caution that returns after listing will depend on operating costs, fuel prices and market conditions.
The listing is being watched in Kenya, where Dangote has broken ground on a $16 billion refinery in Lamu and has offered East African governments equity in it, as well as a listing on the Nairobi Securities Exchange.
