By Martin Ekpeke
Dangote Petroleum Refinery & Petrochemicals has unveiled the key details of its upcoming Initial Public Offer (IPO), targeting a raise of ₦2.15 trillion on the Nigerian Exchange Limited.
The public offer, which is structured by way of an offer for subscription at a fixed price, will officially open for subscription on Monday, 14 September 2026, and is scheduled to close on Tuesday, 13 October 2026.
According to the offer details, the refinery is offering 4.1 billion ordinary shares of US$0.000013 each at an offer price of ₦525.00 per share.
The company stated that net proceeds from the capital raise will be utilized primarily to fund its growth capital expenditure as it expands operations.
To encourage broad-based participation among retail investors, the transaction includes a Retail Investor Incentive Programme. Under the scheme, eligible retail investors may receive up to two additional shares at no extra cost, provided they maintain the prescribed minimum shareholding for specified holding periods, subject to regulatory approvals.
Key highlights of the transaction structure include:
- Investors can subscribe to a minimum of 10 Offer Shares, and in multiples of 10 shares thereafter.
- Shares are payable in full upon application.
- In the event of an oversubscribed offer, DPRP may absorb up to 30 percent of the excess applications, subject to the approval of the Securities and Exchange Commission (SEC).
- Following the conclusion of the offer and allotment process, the shares will be listed on the Main Board of the Nigerian Exchange Limited (NGX).
- The new ordinary shares will rank in all respects with the company’s existing issued ordinary shares.
- Based on an independent assessment and standard screening criteria, the offer has been declared Shari’ah-compliant, opening participation to ethical and Islamic investors.
Application Channels
Participation channels have been structured to ensure seamless processing. Retail investors are required to submit their applications electronically through approved financial platforms. Meanwhile, qualified and institutional investors can apply either electronically or by completing physical Investor Application Forms
This historic offering is expected to significantly deepen liquidity on the Nigerian stock market and marks one of the largest public equity issues in the sub-Saharan African capital market landscape.