Investor demand for shares in Dangote Refinery accelerated sharply in the final days of its initial public offering, with subscriptions rising less than 24 hours before the offer was due to close on Tuesday, October 27, 2026.
Final day for refinery share offer
Dangote Refinery said on Sunday that the deadline for its IPO would not be moved again, urging prospective buyers to complete their applications before the closing date.
- The IPO is scheduled to end on Tuesday, October 27, 2026.
- Subscription activity increased markedly during the final 24 hours of the offering period.
- The company said no additional extension would be available after the deadline.
“This is the final deadline, and no further extension will be granted. Investors wishing to participate must complete their subscriptions before the offer closes,” the refinery said.
Strong financial results support investor interest
The surge in demand follows a recent improvement in the company’s operating and financial performance. Dangote Refinery, regarded as Africa’s biggest oil-processing facility, reported revenue of $22.5 billion and net profit of $4.73 billion for the nine months ended September 30, 2026.
- Revenue increased 14% from the comparable period a year earlier.
- Earnings before interest, tax, depreciation and amortisation reached $5.5 billion.
- The company’s reported nine-month revenue total was $22.5 billion.
- Net earnings for the period amounted to $4.73 billion.
Broader investor participation
Nearly two weeks ago, Dangote Refinery extended the IPO timetable by a further two weeks, giving prospective shareholders more time to take part in the offering.
Since the shares were made available on the Nigerian stock market on September 14, 2026, the IPO has drawn interest from investors within Nigeria, almost 51 other African countries and markets elsewhere around the world.
