Dangote Refinery Valued Over ₦77 Trillion Ahead of IPO

Dangote Petroleum Refinery and Petrochemicals FZE is projected to be valued significantly above the ₦65.22 trillion indicative market capitalisation from its initial public offering (IPO), according to independent research firms CardinalStone Research and Chapel Hill Denham. CardinalStone has set a 12-month equity valuation of ₦77.7 trillion, while Chapel Hill Denham estimates a fair equity value of ₦82.62 trillion.

The IPO will offer 4.1 billion new shares at ₦525 each, leading to a pre-listing market capitalisation of ₦63.07 trillion, which could rise to ₦65.22 trillion if fully allotted. CardinalStone's valuation suggests a target price of ₦688.09 per share, while Chapel Hill Denham's estimates are based on an exchange rate of ₦1,321.22 to the dollar.

Their valuations utilized methods such as discounted cash flow (DCF), enterprise value-to-EBITDA, and price-to-earnings, with Chapel Hill Denham assigning a 50% weighting to DCF. The refinery reported $13.91 billion in revenue and $1.82 billion in profit after tax in the first half of 2026.