Don't know what you're actually working with or its layout so have assumed IP addresses are in column A of Sheet1 starting in A1 and write the result to C1.
Setup a sample test sheet for experimentation.
I suspect the C1 cell will contain more characters than Excel can display but you should be able to copy and paste the entire cell value provided it doesn't exceed 32,767 characters.
Code:
Sub reFormat()
Dim lr As Long, i As Integer, str As String
Dim arr As Variant
lr = Cells(Rows.Count, "A").End(xlUp).Row
arr = Sheets("Sheet1").Range(Cells(1, 1), Cells(lr, 1)).Value
str = Chr(39)
For i = LBound(arr) To UBound(arr)
str = str & arr(i, 1) & Chr(39) & Chr(44) & Chr(39)
Next i
str = Left(str, Len(str) - 2)
Range("C1").Value = str
End Sub