The share sale, which closes on Tuesday, has about 6.4 trillion naira ($4.78 billion) of orders from Nigerian retail and institutional investors, one person involved told Reuters.
Aliko Dangote, the billionaire owner of the Lagos refinery, has said the sale is targeting millions of ordinary Nigerians and Africans who can buy shares with as little as $4.
He said in a statement on Wednesday all 54 African countries had participated in the IPO while applications were received from 120 countries, calling it "a historic achievement."
The order book is expected to grow once subscriptions from investors in other African countries are included, one of the people said, adding that Dangote had received subscriptions from more than 2 million investors through digital channels so far.
Given the demand, Dangote was expected to exercise a greenshoe option that would allow it to increase the size of the offering to as much as $2.1 billion, the person added.
A Dangote spokesperson declined to comment on the demand and possibility of exercising the greenshoe option.
The IPO comes as Dangote Petroleum Refinery and Petrochemicals FZE has benefited from stronger margins, with higher crude oil prices linked to the Iran war lifting earnings.
The refinery, which began commercial operations in early 2024, has steadily increased output and expanded exports, including shipments of jet fuel to Europe and other African markets, helping position Nigeria as a potential net exporter of refined petroleum products.
Share allocation will begin next week ahead of the stock's planned listing on the Nigerian Exchange later in November, the company's IPO prospectus said.
Built at a cost of about $20 billion, the refinery has transformed Nigeria's fuel market since it began operating.
It processes about 700,000 barrels of crude oil per day and aims to double capacity to 1.4 million barrels per day by 2029.
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