Dangote Petroleum Refinery and Petrochemicals FZE has extended its initial public offering, IPO, by two weeks to allow more investors across Africa to participate in the offer.
The company said the extension, approved by the Securities and Exchange Commission (SEC), moves the closing date from October 13 to October 27, 2026.
The IPO comprises 4.1 billion ordinary shares priced at N525 per share.
The company said the extension followed strong interest from eligible investors across Africa and other international markets.
Speaking with journalists at the refinery, Aliko Dangote, president of Dangote Group, said the company had received subscriptions worth more than three to four times its original fundraising target.
He, however, said the decision to extend the offer was not driven by the need to raise more money but by the desire to give more Africans an opportunity to invest in the refinery.
“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate,” he said.
Mr Dangote said the company had held discussions with the Nairobi Securities Exchange to identify ways to facilitate participation by investors across the continent.
He added that the company was working to replicate the arrangement with other African stock exchanges to widen access to the offer.
“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,” he said.
“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.”
The company said the additional two weeks would support efforts to expand access to the offer across African markets, including the expansion of distribution channels and the introduction of unsponsored depository receipt programmes to facilitate cross-border investments.
It added that the extension would give prospective investors more time to complete account-opening procedures, identity verification and other regulatory requirements.
David Bird, managing director and chief executive officer of Dangote Petroleum Refinery and Petrochemicals FZE, welcomed the SEC’s approval of the extension.
He said the additional time would enable more investors across Africa to participate in the offer and share in the company’s future growth.
“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,” Mr Bird said.
“The additional time will help us extend that opportunity to more investors across Africa.”
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.