Dangote Refinery Extends IPO Deadline to October 27

Dangote Petroleum Refinery and Petrochemicals has extended the deadline for its initial public offering (IPO) by two weeks to October 27, following approval from the Securities and Exchange Commission. The extension aims to provide more investors across Africa the opportunity to participate in what is anticipated to be the continent's largest share sale.

The IPO, which opened on September 14, consists of 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares. It is expected to raise approximately $1.6 billion, potentially increasing to about $2.1 billion if the over-allotment option is fully exercised.

Aliko Dangote, President of the Dangote Group, confirmed that the extension was due to exceptionally strong interest from eligible investors. He emphasized the importance of broadening ownership of the refinery and facilitating cross-border investments.

The additional time will support market-access initiatives and allow prospective investors to complete necessary regulatory requirements.