Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its initial public offering (IPO) by two weeks to October 27, following approval from Nigeria’s Securities and Exchange Commission (SEC).
The company said the move aims to accommodate strong investor interest across Africa and allow more people to participate in the share offer.
The IPO, which opened on September 14, involves the sale of 4.1 billion ordinary shares at ₦525 each, valued at approximately ₦2.15 trillion. It ranks among the largest equity offerings in Nigeria’s capital market.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, said subscriptions had already exceeded the company’s original fundraising target by a significant margin.
“The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate,” Dangote said during a visit by Kenyan parliamentarians to the refinery in Lagos.
“Talking about the amount of money we want to sell, we have done much more than three, four times that amount already. So, it’s not about the amount. It’s about the number of people that want to participate in this offer. It means quite a lot.”
Managing Director and Chief Executive Officer David Bird welcomed the SEC’s decision.
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer,” Bird said. “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 said the extra period would support efforts to expand distribution channels and introduce depositary receipt programmes to facilitate cross-border investment. It would also give prospective investors more time to complete account opening, identity verification and other regulatory requirements.
Dangote has described the IPO as a deliberate strategy to broaden ownership of one of Africa’s largest industrial enterprises and allow millions of Africans to share in its future growth.
