Amaechi Raphael Chinedu

@Official_ARC·4h

Applied for the Dangote Refinery IPO? Here's what happens after it closes on Oct 27

The Dangote Petroleum Refinery IPO is open until next Tuesday, Oct 27: 4.1 billion shares at ₦525 each, about ₦2.15trn in total, with a minimum of 10 shares (₦5,250). Paying for shares is only step one. Here's how an IPO goes from application to a share you can trade, using the refinery's own revised timetable: 1. Application list closes (Oct 27). No new applications after this. 2. Collation of returns (around Nov 3). The issuing houses add up every application from banks, brokers and apps. 3. Basis of allotment (SEC no-objection expected around Nov 17). If more shares are requested than are on offer, the offer is "oversubscribed" and not everyone gets everything they asked for. The issuer proposes a formula for sharing the shares out, and the SEC has to clear it. 4. Refunds (about 5 business days after allotment). Money for shares you didn't get is returned. 5. CSCS credit and listing (about 15 business days after allotment, so roughly early December). Your shares land in your CSCS account and trading starts on the exchange. Only from then does the share have a market price that moves every day. A simple illustration, not a forecast: if an offer were 2 times oversubscribed and shared out evenly, someone who applied for 1,000 shares might be allotted about 500 and get the money for the rest back. Real allotment formulas often favour smaller applicants, so check the official allotment announcement when it's published. Two things worth knowing: - These dates are indicative. The timetable says they can shift. - The refinery is a separate company from Dangote Cement ($DANGCEM ), which already trades on the NGX. Owning one doesn't give you shares in the other. Safety note from the offer's own FAQ: no approved channel will ever ask for your PIN, password or OTP, and no real application needs payment to a personal account. Did you apply, or are you waiting to see how it lists? Tell us below 👇 Not financial advice.