Company says subscriptions from 51 African nations and global markets signal growing appetite for ownership of the continent’s industrial assets…..
Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering (IPO) has attracted investors from more than 90 countries, including 51 of Africa’s 54 nations.
The company said the broad participation reflects growing interest in African-owned industrial assets and positions the share sale as a major cross-border investment opportunity.
In a statement, the refinery described the response as evidence of rising investor confidence in African industrialisation and the desire among Africans to own stakes in strategic businesses operating on the continent.
It added that the offer had recorded strong demand from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
According to the company, the IPO broke Nigeria’s capital market record on its opening day and surpassed the previous African record within its first 10 days.
Commenting on the development, the Chief Financial Officer of Dangote Group, Murat Erden, said the offer was designed to give investors an opportunity to participate in the ownership of one of Africa’s major industrial projects.
“This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets,” Erden said.
He added that the refinery’s current performance had significantly exceeded the assumptions underpinning its IPO valuation.
Dangote Refinery said the level of interest demonstrated the growing depth and integration of African financial markets, with the offering providing a potential model for future investment opportunities spanning multiple countries.
The company is seeking to raise N2.15tn through the IPO, which opened on September 14 at N525 per share, with a minimum subscription of 10 shares costing N5,250.
The offer is scheduled to close on October 27 following a two-week extension announced earlier this month.
