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The popularity also reflects a growing investment culture among younger Nigerians who have embraced mobile trading platforms, cryptocurrencies and digital savings products.
But fear of missing out may have also pushed some to get into the investment business.
In the build-up to the IPO, social media platforms were awash with financial conversations. People shared subscription guides, debated valuation metrics and encouraged friends and family to participate.
But amid the frenzy, experts have warned that there are risks – shares can go down in value, as well as up, meaning people could lose some, or all, of their investment.
Financial analyst Shuaib Uwais said prospective investors should avoid thinking of the IPO as a guaranteed route to wealth.
He urged people to consider a number of factors that could impact the refinery's future performance, including disruptions to crude oil supply, operational challenges, regulatory changes and fluctuations in demand for refined petroleum products.
"If for any reason the company experiences difficulty in sourcing its raw materials, there could be challenges," he told the BBC.
Nevertheless, the IPO has given people the chance to be part of this home-grown success story.
Dangote's sprawling refinery on the outskirts of Lagos, which began operating two years ago and now processes around 700,000 barrels of crude a day, has transformed the fortunes of Nigeria's oil sector.
Until recently, Africa's largest crude oil producer had no refining capacity and had to import the finished product. Now the Dangote refinery is feeding much of the domestic demand.
But for Dangote, the share offer is about raising cash to fund the growth of the business, something that the country's mini-magnates may now be able to get behind.
