Dangote Refinery IPO share price and minimum investment

The pricing was unveiled at the signing ceremony at Eko Hotels, Lagos, on 7 September 2026: 4.1 billion ordinary shares at ₦525 each, for a target raise of about ₦2.15 trillion. The offer opened on 14 September 2026 and is scheduled to close on 27 October 2026, after a two-week SEC-approved extension.

What the minimum gets you

The entry point is deliberately low: 10 shares at ₦525 works out to ₦5,250. Here is what common subscription sizes cost at the offer price, before any bank or platform charges:

• 10 shares (minimum): ₦5,250
• 50 shares: ₦26,250
• 100 shares: ₦52,500
• 500 shares: ₦262,500
• 1,000 shares: ₦525,000

Budget slightly above the share cost: subscription platforms and banks add their own transaction or processing fees, so the cash that leaves your account will be a little more than the figures above.

The 30% greenshoe

The offer includes a greenshoe provision allowing the company to absorb up to 30% oversubscription with SEC approval, roughly 1.23 billion extra shares on top of the base 4.1 billion. That cushion exists because demand has been intense: reports put first-hour subscriptions near ₦1.5 trillion across more than 400,000 transactions.

Fixed price, not an auction

This is a fixed-price offer, not a bookbuild: every successful applicant pays ₦525 per share regardless of when they applied within the window. There is no price advantage to applying early; though applying early avoids the last-minute rush on subscription portals.

Quick summary

• Each share costs ₦525; the minimum subscription is 10 shares (₦5,250) before fees.
• The offer targets about ₦2.15 trillion across 4.1 billion shares.
• A 30% greenshoe can expand the offer if demand overshoots, with SEC approval.
• Fixed price for everyone: early applicants get no discount, just less portal stress.