Dangote Petroleum Refinery and Petrochemicals closed its initial public offering on 27 October.
The 44-day sale opened on 14 September and offered 4.1 billion shares at ₦525 each, worth about ₦2.15 trillion ($1.6 billion).
It was initially due to close on 13 October, but the Securities and Exchange Commission approved a two-week extension to attract more African and international investors.
Reuters reported preliminary orders of about ₦6.4 trillion ($4.78 billion) from Nigerian retail and institutional investors alone, nearly three times the target.
According to Bloomberg, domestic and retail investors had already provided $1.5 billion to $1.6 billion in fully funded commitments.
The company says applications came from 120 countries, including all 54 African nations.
Reports also say that regulators in Kenya, Ethiopia, Botswana, Zimbabwe and Rwanda allowed depositary receipt programmes and other channels, enabling investors to buy in local currencies. In addition, Standard Bank nominee structures served investors in Egypt and Ethiopia. Fintech platforms also helped first-time retail investors apply.
The SEC must now decide how much oversubscription to allow.
The company is expected to use a 30% overallotment option, which could lift the offer to about $2.1 billion.
Demand may still exceed supply, and Aliko Dangote could sell part of his own stake to investors left short. No decision has been made.
Shares are due to start trading on the Nigerian Exchange in December. Exchange CEO Temi Popoola expects a significant expansion of the retail investor base.
Dangote said the result shows Africans are ready to own the industries they build.
The refinery’s backers are also moving ahead with a $16 billion refinery in Lamu, Kenya, with production planned around 2030.
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