By: OrePulse

Nigerian company Dangote Petroleum Refinery & Petrochemicals, a unit of Dangote Group, said its initial public offering has drawn subscriptions from investors across more than 90 countries worldwide, with 51 of Africa's 54 nations represented among them, as the share sale heads toward a scheduled close on October 27.

The company reported nine-month revenue to September 30 of $22.5 billion, net profit of $4.7 billion and EBITDA of $5.5 billion, according to its own disclosures. Dangote also said it had moved into a net cash position of $651 million as of September 30, having held a net debt position a year earlier. Based on those company-reported figures, EBITDA represented a margin of roughly 24 percent of revenue and net profit a margin of roughly 21 percent. None of the figures have been independently verified; they are reported here as stated by the company.

Revenue for the nine months rose from $9.2 billion in the same months of 2025, an increase of roughly 144 percent, the company said. Net profit reversed a loss of $117.2 million recorded in the prior-year period, a swing of close to $4.8 billion, while EBITDA climbed from $627.6 million, an increase the company's own figures put at nearly ninefold. Dangote additionally reported operating cash flow of $3.68 billion for the nine months and said its balance sheet moved from a net debt position of $1.73 billion in September 2025 to the $651 million net cash position a year later, a swing of roughly $2.4 billion in its net financial position.

Dangote described the offering as Africa's first truly pan-African public share sale, pointing to the spread of its subscriber base across more than 90 countries and the large majority of African nations. The company said demand came from retail investors, pension funds, institutional investors, and asset managers. It added that the offering broke the Nigerian market's opening-day subscription record and then surpassed the previous African record within ten days of launch, though it did not disclose the specific prior records it referenced or the monetary value of subscriptions received so far.

An initial public offering allows a company to sell shares to outside investors for the first time, typically to raise capital and broaden its ownership base beyond existing shareholders. Dangote's disclosure of its nine-month results accompanied the subscription update, with the company presenting the financial performance as support for the valuation underlying the share sale.

Cross-border capital market collaborations involving Botswana, Egypt, Ethiopia and Kenya helped extend access to the offering beyond Nigeria, according to the company. Dangote also said investors in the offering could receive dividends linked to the U.S. dollar, subject to the company's dividend policy and the necessary regulatory approvals, a feature the company has cited as part of its appeal to international subscribers.

Chief Financial Officer Murat Erden said the company's results have outpaced the assumptions underlying the IPO's valuation. "Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation," Erden said, according to the company's statement.

The offer is scheduled to close on October 27, and the company said it currently has no plans to extend that deadline. With just over a week remaining before the close, Dangote has continued to point to the geographic breadth of its subscriber base, which it says spans 51 of Africa's 54 countries, as a measure of the offering's reach across the continent.

Dangote has not disclosed further specifics on the subscription records it said the offering surpassed, the total monetary value of subscriptions received to date, or a country-by-country and investor-category breakdown beyond the broad groups it named. The company's nine-month financial results, like its subscription figures, are presented here as company-reported; nothing in the material made available so far describes them as having been independently audited.