With the IPO application window closing Oct. 27, BusinessDay reported an analyst valuation of 700.41 naira a share for Dangote Petroleum Refinery and Petrochemicals FZE, 33.4% above the offer price.
The estimate is 13.1% higher than Renaissance Capital Africa’s previous valuation of 619.47 naira. It applies to existing shares and is an analyst estimate, not a guaranteed trading price. The company is offering 4.1 billion shares at 525 naira each.
The refinery’s unaudited results for the nine months through Sept. 30 showed revenue of $22.48 billion, about 144% higher than a year earlier. It reported net profit of $4.73 billion, compared with a $117.2 million loss in the same period of 2025. Earnings before interest, taxes, depreciation and amortization rose to $5.52 billion from $627.6 million.
Renaissance Capital Africa pointed to stronger market benchmark margins for jet fuel and gasoil as one factor in third-quarter earnings gains. It also identified crude-cost timing and hedging as possible contributors.
Separately, Premium Times reported on a plan to provide refinery shares to 777,907 women in 15 states, with participating state governments and the Aliko Dangote Foundation each covering half the cost.
The refinery extended the application period from Oct. 13 to Oct. 27 with approval from Nigeria’s Securities and Exchange Commission (SEC). The issuer said the extension gives investors more time to meet access and application requirements. Its indicative timetable lists Nov. 3 for the collation of returns.
