The Dangote Petroleum Refinery and Petrochemicals FZE has extended the closing date of its initial public offering by two weeks to enable more African investors to participate in the share sale.
The offer, which opened on September 14 and was initially scheduled to close on October 13, will now close on October 27, 2026, following approval from the Securities and Exchange Commission.
In a statement on Monday, the President of Dangote Group, Aliko Dangote, disclosed that the extension was aimed at widening participation across the continent rather than raising additional funds.
“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate. Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation. We are now trying to replicate that arrangement with other African exchanges to ensure wider participation,” he said.
Dangote said the offer had already attracted subscriptions several times above the amount the company originally intended to raise, stressing that the priority was to give more people an opportunity to invest in the refinery.
“But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure. So, it is not about the amount of money. It is about the number of people who will have the opportunity to participate in this offer. That means quite a lot to us,” he said.
The IPO comprises 4.1 billion ordinary shares priced at N525 per share.
The company said the additional two weeks would support efforts to expand access to the offer in African markets, including through the expansion of distribution channels and the introduction of unsponsored depository receipt programmes to facilitate cross-border investment.
It added that the extension would also give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements for participating in the offer.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, David Bird, welcomed the SEC’s approval, saying it would create opportunities for more investors across Africa.
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the offer. 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,” he said.
The company said it remained encouraged by investor interest across its target markets and expected the extension to broaden participation among retail, institutional and cross-border investors.