Dangote Petroleum Refinery and Petrochemicals has formally opened its N2.15tn Initial Public Offering on the Nigerian Exchange.

President of Dangote Industries Limited, Aliko Dangote, sounded the gong on Monday at the NGX trading floor in Lagos to mark the commencement of the public share sale.

The offer comprises 4.1 billion new ordinary shares priced at N525 per share. If fully subscribed, the IPO will raise approximately N2.15tn, making it one of the largest equity offerings in Africa.

The public offer provides Nigerians and other eligible investors with an opportunity to acquire an ownership stake in the refinery, described as Africa's largest.

Investors can subscribe for a minimum of 10 shares, valued at N5,250, allowing small-scale investors to participate in the offering.

The proceeds are expected to support the refinery's long-term expansion plans, operational growth, strategic investments and other initiatives aimed at creating value for shareholders and stakeholders.

The offer is scheduled to remain open until October 13, 2026, subject to the terms contained in the offer documents. The shares are expected to be listed on the Nigerian Exchange after the completion of the offer process.

The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, described the transaction as an important development for Nigeria's capital market, highlighting both its scale and wider significance.

The IPO is expected to broaden public participation in ownership of a major industrial asset while deepening the country's capital market and creating additional investment opportunities for domestic investors.