Dangote Petroleum Refinery and Petrochemicals FZE extended its initial public offering by two weeks to Oct. 27, citing strong investor interest and the need to give prospective buyers across Africa more time to access the share sale.
The company is offering 4.1 billion ordinary shares at ₦525 each, targeting approximately ₦2.15 trillion in gross proceeds. The new deadline replaces Oct. 13, keeping the offer open while distribution channels and depositary receipt programs are developed to facilitate cross-border participation.
The extension is primarily an access initiative, according to a statement by the President of Dangote Group seen by MoneyCentral.
In a chat with media men in the Refinery today, President of Dangote Group, Aliko Dangote said : The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate. Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation. We are now trying to replicate that arrangement with other African exchanges to ensure wider participation…But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure…So, it is not about the amount of money. It is about the number of people who will have the opportunity to participate in this offer. That means quite a lot to us.”
It also gives investors additional time to open accounts, complete identity checks and satisfy regulatory requirements. The issuer’s statement of strong interest does not establish that the offer is fully subscribed or oversubscribed: no subscription totals or demand breakdown were provided.
Africa-Focused Distribution
The extra time could help convert expressions of interest into completed applications, particularly in markets where investors cannot participate as easily as domestic buyers. Account onboarding, custody arrangements and local regulatory permissions can all affect whether cross-border demand reaches the offer.
Kenya provides a concrete example. Its Capital Markets Authority approved a short-form prospectus submitted by Renaissance Capital Kenya on Oct. 5, allowing eligible Kenyan investors to participate through global depositary receipts.
These are tradable certificates representing shares in a foreign company, rather than direct holdings of the underlying shares.
Renaissance Capital Kenya plans to structure the receipts after the IPO closes and its share allocation is confirmed.
That structure could broaden the investor base by allowing participation through familiar local-market arrangements.
Speaking on the extension, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, said:
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa.”
The company noted that it remains highly encouraged by the level of investor engagement received across its target markets and believes the extension will ensure broader participation by retail, institutional and cross-border investors seeking to be part of the refinery’s next phase of growth.
Global depositary receipts have already been made available to investors in Kenya and Botswana.
New Timeline For Trading Dangote Refinery Shares
Dangote will now submit a draft allotment announcement to Nigeria’s SEC on Nov. 10, with the regulator expected to sign off on how the refiner will distribute the shares on Nov. 17. The original date for this was Nov. 11.
Trading will start 15 business days after the allotment date, which will likely be on Dec. 8.
Some 4.1 billion shares in the Dangote refinery are on offer at 525 naira ($0.40) each. That equates to about 3% of the company. It has regulatory approval to sell as much as 30% more equity should there be sufficient demand, meaning the firm could raise as much as $2.1 billion.
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