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Dangote Refinery IPO

The largest offer in Nigerian market history is a great way to learn how an IPO works for a retail investor: read, decide, apply, wait, get allotted, then trade. Here you practise the journey with game money.

REAL WORLD

As of 2026-10-07
  • Offer: 4.1 billion ordinary shares at ₦525 each (about ₦2.15 trillion).
  • Subscription window: 14 September to 13 October 2026.
  • Minimum application: 10 shares (₦5,250).
  • Primary listing on the Nigerian Exchange (NGX), expected November 2026.
  • A greenshoe of up to 30% more shares may be used if demand is high.
Sources: dabafinance.com · vanguardngr.com · cowrywise.com. Check the official prospectus and your broker for the latest details. This game is not affiliated with or endorsed by the issuer.

Simulation

Below, the offer uses the real terms (4.1 billion shares at ₦525, minimum 10 shares), but demand, allotment, listing and every price afterwards are generated by the game. They are not predictions and say nothing about the real company or its real shares. Applying here does not apply for real shares.

  1. Prospectus
  2. Apply
  3. Offer closes
  4. Allotment
  5. Listing

Prospectus (simplified)

Issuer
Dangote Petroleum Refinery (Simulation)
Board
premium Board
Shares offered
4,100,000,000
Offer price
₦525.00
Offer size
₦2.15tn
Minimum / multiples
10 units, then multiples of 10
Retail tranche
30%
Window
2026-10-12 → 2026-10-23
Allotment · listing
2026-10-27 · 2026-10-30

Simulation of the retail IPO journey using the real offer terms. Prices here are generated by the game and are not predictions.

Simulation: game-day dates, simulated demand and allotment. Real-world dates are in the Real world card.

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Game date: 2026-10-14. Offer dates are game dates.