Dangote Refinery IPO Closes Oversubscribed Threefold as Investors Weigh $48 Billion Valuation

Dangote Petroleum Refinery has closed its public offer, with reports indicating demand roughly three times the targeted allocation. The base offer comprised 4.1 billion new shares at ₦525, implying about ₦2.15 trillion in gross proceeds and a post-offer equity value of ₦65.22 trillion if fully allotted — roughly $48.3 billion at an illustrative rate of ₦1,350 to the dollar. Allotment approvals and the start of trading are still pending. Unaudited results for the first nine months of 2026 showed revenue of $22.48 billion, EBITDA of $5.52 billion and net profit of $4.73 billion, with operating cash flow of about $3.68 billion. Annualized, the offer implies roughly 7.7 times earnings — a multiple that assumes current refining margins persist. The prospectus envisages capital expenditure of $4.8 billion for the remainder of 2026, $3.9 billion in 2027 and $3.1 billion in 2028. The complex's crude-processing capacity is stated at 700,000 barrels per day.