Renaissance Capital raises Dangote Refinery valuation to N700.41 per share
Renaissance Capital Africa (RCA) has raised its valuation of Dangote Petroleum Refinery and Petrochemicals FZE to N700.41 per share, representing a 33.4% premium to the N525 IPO offer price. The post Renaissance Capital…
Dangote Petroleum Refinery, the 650,000-barrels-per-day facility in Lekki, Lagos, built by billionaire Aliko Dangote, went public via an initial public offer priced at N525 per share, drawing interest from investors across Africa and beyond as it sought to list on the Nigerian Exchange. The refinery, Africa's largest, has been positioned as a potential game-changer for Nigeria's fuel supply and foreign exchange earnings, reducing the country's historic reliance on imported refined petroleum products.
Renaissance Capital Africa's revised valuation, pegging the shares at a premium to the IPO price, signals investor confidence in the refinery's financial performance and could influence how the stock trades once listed. All three reports agree on the new N700.41 valuation and the 33.4% premium over the offer price, with ThisDay adding detail on the breadth of international subscription to the offer and Premium Times citing the refinery's nine-month 2026 earnings as the basis for the upgrade. Details such as the specific earnings figures behind the revision and the IPO's final subscription numbers have yet to be fully disclosed across the coverage.