African Oil Giant Dangote Refinery Launches Historic IPO with Stablecoin Subscription

Africa's largest oil refinery company, Dangote Refinery, has begun its initial public offering (IPO) process, alongside an on-chain subscription system utilizing stablecoins. This integration of traditional stock markets with blockchain-based investment infrastructure is introducing a new investment method to Africa's capital market.

According to CoinPost on October 17, Dangote Refinery started accepting IPO subscription applications on October 14. On the same day, financial platform Nektapay launched its service, enabling investors to participate in the Dangote Refinery IPO using stablecoins instead of traditional currencies.

Nektapay was built on GetEquity's capital market infrastructure. Investors can use dollars, naira, or stablecoins for subscription. GetEquity reported that it has secured over 22,000 users and processed cumulative trading volume of $2 billion through its Solana Summit Nigeria platform.

The minimum subscription amount is set at the equivalent of 10,000 naira in stablecoin or dollars. Dangote Refinery's offering price is 525 naira per share, with a total of 4.1 billion shares available for sale. If all shares are subscribed, the company could raise up to 215 billion naira. Subscriptions will run until October 13.

The IPO has drawn attention for its scale. Dangote Refinery operates a large-scale oil refinery capable of processing 650,000 barrels per day. The facility began operations in May 2023 and is expected to reach full design capacity by February 2026. International media have described this IPO as one of the largest stock sales in African history.

This offering involves selling a portion of existing shareholders' stakes rather than issuing new shares. Using an exchange rate of 1,319.54 naira per dollar from the prospectus, the company's valuation is calculated at approximately $49 billion. Dangote has chosen to sell only about 3% of its existing shares to minimize dilution for current shareholders.

Notably, the on-chain subscription feature stands out. Nektapay and GetEquity are issuing DPRI tokens for investors who subscribe on-chain. DPRI is issued on both Solana and Base networks and represents blockchain-based ownership of subscribed shares.

Early demand has been confirmed. According to Afriflux, as of 2:30 PM local time on October 15, the on-chain subscription amount reached 9.25 million naira. A total of 761,905 DPRI tokens were issued, with buyers holding 17,618 tokens, representing about 2.3% of the total issuance.

By platform, Nektapay accounted for 79.1% of on-chain subscriptions. By blockchain, Solana captured 64.1% of on-chain buy orders. This shows that stablecoin-based stock subscription is connecting with real investment demand.

This case demonstrates the convergence of Africa's capital market and blockchain infrastructure. Traditional stock subscriptions using local currency or dollars are now being connected to stablecoins, with subscribed shares represented as blockchain tokens, fundamentally changing the investment approach.

However, current on-chain subscription volume remains in early stages compared to the overall IPO size. Key points to watch include how much more investment will flow through stablecoins by the subscription deadline and which network—Solana or Base—will see greater demand.

If Dangote Refinery's IPO concludes successfully, it could set a precedent for integrating stablecoins and blockchain infrastructure into large-scale traditional financial product offerings. Given Solana's dominance in initial on-chain orders with over 60% market share, this subscription may become a new case study for the expansion of blockchain-based real asset investment.