IPO : Dangote Refinery attracts N5.85trn in bids from nearly 3.8m applicants

Dangote Petroleum Refinery’s initial public offering (IPO) attracted approximately N5.85 trillion in share applications from nearly 3.8 million subscribers, significantly exceeding the company’s initial fundraising target of N2.15 trillion.

Subscription data seen by Nairametrics shows that investors applied for 11.15 billion shares valued at N5.85 trillion, compared with the 4.1 billion shares initially offered at N525 per share.

The strong subscription performance underscores investor appetite for the refinery and also highlights the scale of investor participation in what is expected to become one of the most significant equity transactions in African capital market history.

However, the subscription figures represent investor applications rather than final allotments, with the amount ultimately raised dependent on the allocation process and regulatory approvals.

Retail investor participation was a major feature of the IPO, supported by an extensive distribution network involving banks, stockbrokers and digital investment platforms.

The latest figures show nearly 3.8 million subscribers, representing approximately 84.39per cent  of all subscribers.

However, these investors collectively applied for just 62.26 million shares valued at N32.69 billion, accounting for only 0.56per cent of the total shares subscribed.

A further 404 thousand subscribers, representing approximately 10.71per cent of total applicants, subscribed for 178.45 million shares worth N93.69 billion.

Combined, these two categories accounted for approximately 95.1per cent of all subscribers but just 2.16% of the total shares applied for.

The figures provide a broader indication of retail participation across the offering, although they remain below Aliko Dangote’s publicly stated ambition of attracting 10 million investors.