Kenyan Investors Offered KES 39 Billion in Dangote IPO

Kenyan investors are offered the opportunity to participate in the Dangote Petroleum Refinery Initial Public Offering (IPO) through a KES 39 billion Global Depository Receipt (GDR) offer. This offer commenced on October 6, 2026, and will conclude on October 13, 2026.

The transaction will only proceed if it meets a strict subscription threshold of KES 50 million in allocated shares and fully paid applications. If this threshold is not met, the offer will lapse, and investors will receive refunds without interest.

The GDRs will be issued only if the minimum success threshold is achieved and the Securities and Exchange Commission (SEC) of Nigeria grants approval for the listing on the Nairobi Securities Exchange (NSE). The offer comprises 728,971,962 GDRs priced at KES 53.50 each.

Investors must pay the full subscription amount upfront, and the offer is not underwritten. GDR holders will not have direct voting rights at shareholder meetings and will not qualify for the Retail Investor Incentive Programme associated with the main Nigerian IPO.