Key facts
- The IPO aims to raise up to $2.1 billion if the company exercises its greenshoe option.
- The refinery is valued at $47 billion.
- Proceeds will fund a $14 billion plan to double crude processing capacity to 1.4 million bpd by 2029.
The initial public offering for Nigeria's Dangote refinery has garnered significant interest, with investors from 119 countries applying. The IPO has already met its target of raising $1.6 billion from domestic and retail investors alone. Demand from international investors is expected to push the total raised beyond the $2.1 billion target, including a 30% over-allotment option. The company launched a widespread marketing campaign to attract retail investors, positioning the IPO as an opportunity for ordinary Nigerians and Africans to participate in the refinery's growth. Proceeds are earmarked for a $14 billion plan to double the refinery's crude processing capacity.