Dangote Refinery Extends IPO By Two Weeks  – Daily Trust

Dangote Petroleum Refinery and Petrochemicals has prolonged the cut-off date of its Initial Public Offering (IPO) to Tuesday, October 27, 2026, following approval by the Securities and Exchange Commission (SEC), to accommodate rising investor curiosity throughout Africa and facilitate wider participation within the landmark share supply.

The extension comes as President/Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed that subscriptions had already exceeded the corporate’s authentic fundraising goal, emphasising that the precedence was not merely to boost capital however to allow extra Africans to turn out to be shareholders in one of many continent’s largest industrial enterprises.

Speaking on the efficiency of the IPO throughout a go to by a delegation of Kenyan parliamentarians to the Dangote Refinery in Lagos, Dangote disclosed that investor demand had already considerably exceeded the quantity the corporate initially meant to boost.

“The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate,” he stated.

“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.”

Dangote defined that discussions with the Nairobi Securities Exchange had helped the Group determine a framework for facilitating wider investor participation, which it was searching for to copy throughout different African capital markets.

The association is predicted to offer buyers in different African international locations with extra accessible channels for subscribing to the supply, topic to relevant regulatory necessities.

Dangote has persistently maintained that the IPO is a deliberate technique to broaden possession and permit tens of millions of Africans to take part sooner or later development of a serious industrial enterprise.

In a proper discover to the investing public, Dangote Petroleum Refinery and Petrochemicals FZE introduced that the appliance interval for its providing of 4.1 billion peculiar shares at ₦525 per share, which opened on September 14, would now shut on October 27 as a substitute of October 13.

The supply, valued at roughly ₦2.15 trillion, ranks among the many largest fairness choices in Nigeria’s capital market and represents a major step in Dangote’s ambition to broaden African possession of main industrial property.

According to the corporate, the extension follows robust curiosity from eligible buyers throughout Africa and different jurisdictions, alongside ongoing efforts to make participation extra accessible past Nigeria.

These embody increasing distribution channels and introducing depositary receipt programmes to facilitate cross-border funding.

The extra two weeks can even give potential buyers extra time to finish account opening, id verification and different regulatory necessities essential to take part within the supply.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, stated the extension strengthened the corporate’s dedication to creating the supply accessible to a wider pool of African buyers.

“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer,” Bird stated.

“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.”