# Nigeria: 51 African Nations Join Dangote Refinery IPO

> Dangote Refinery's IPO sees 51 African nations participate in record-breaking offering.
- Title: Nigeria: 51 African Nations Join Dangote Refinery IPO
- Summary: Dangote Refinery's IPO sees 51 African nations participate in record-breaking offering. Dangote Petroleum Refinery's IPO attracted investors from 51 of…
- Keywords: dangote refinery, nigeria, african nations, ipo, petroleum, refinery, initial public offer, nigerian capital market, african capital markets, revenue, net profit, refining margins
- Source: Allafrica — https://allafrica.com/stories/202610190028.html
- Published: 2026-10-19T03:43:48+00:00
- Read time: 1 min
- Topics: dangote refinery, nigeria, african nations, ipo, petroleum, refinery, initial public offer, nigerian capital market, african capital markets, revenue, net profit, refining margins
## Dangote Refinery IPO
Dangote Petroleum Refinery's initial public offer attracted investors from 51 of Africa's 54 nations.
## Record Participation
Subscriptions received from more than 90 countries including 51 African nations.
## Africa's First Pan-African IPO
The transaction is Africa's first truly pan-African public offering.
## Largest Nigerian IPO
The IPO became the largest public offering in Nigerian capital markets on opening day.
## Record-Breaking Performance
The refinery reported $22.5 billion revenue and $4.7 billion net profit in nine months.
## Financial Turnaround
The refinery turned from a $117.2 million loss in 2025 to $4.7 billion net profit in 2026.
## Strong Operational Performance
Revenue increased 144 percent from $9.2 billion to $22.5 billion in nine months.
## Improved Financial Position
The company moved from $1.73 billion net debt to $651 million net cash in nine months.
## Renaissance Capital Valuation
Renaissance Capital Africa raised Dangote's valuation to N700.41 per share.
## Key takeaway

Dangote Petroleum Refinery's IPO attracted investors from 51 of Africa's 54 nations, becoming Africa's largest public offering with $22.5 billion revenue and $4.7 billion net profit in nine months.