Dangote Refinery Extends IPO to Boost African Investor Participation

Dangote Petroleum Refinery and Petrochemicals (DRPR) announced the extension of its Initial Public Offering (IPO) by two weeks to allow for greater participation from investors across Africa. The IPO, which opened on September 14 and was originally scheduled to close on October 13, comprises 4.1 billion ordinary shares priced at N525 each, with expectations to raise over N2 trillion.

Aliko Dangote, President of Dangote Industries Limited, emphasized that the IPO is not only aimed at funding the refinery's expansion but also at providing opportunities for a wide range of individuals, including drivers and managers, to own shares. The firm noted strong interest from eligible investors and stated that the extension, approved by Nigeria’s Securities and Exchange Commission (SEC), would facilitate broader market access and allow prospective investors to meet regulatory requirements.

David Bird, Managing Director and CEO of DRPR, expressed optimism that the extension would enable more investors to participate in the offer.