David Thomas
Mon 12th October 2026
The firm says that the two week IPO extension will give more African investors the chance to buy into the refinery as it plots future growth.
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Dangote Petroleum Refinery and Petrochemicals (DRPR) says it will extend its IPO offer by two weeks to Tuesday 27 October to allow investors from more African countries to participate in what is expected to be the largest IPO in African history.
The firm said in a statement that it has received “very strong interest from a broad range of eligible investors across Africa and other jurisdictions” for the offer, which was originally scheduled to close on Tuesday 13 October, and that it wanted more time to broaden participation.
“The extension is intended to support ongoing market-access initiatives across African jurisdictions, including the expansion of distribution channels and the implementation of depositary receipt programmes designed to facilitate efficient cross-border investor participation,” the firm wrote.
“The Issuer remains encouraged by the level of investor engagement received to date across its target markets and believes that the extension will provide more investors across Africa with an opportunity to participate in the Offer.”
The offer includes 4.1bn shares of Dangote Refinery and Petrochemicals, priced at 525 naira ($0.39) per share, and is intended to raise 2.15 trillion naira ($1.63bn). The firm hopes to use the IPO proceeds to double the capacity of the Dangote Petroleum Refinery to 1.4m barrels a day, build fuel storage and distribution infrastructure and support future expansion.
IPO seeks more African investors
The firm said the extension, which it said has been approved by Nigeria’s Securities and Exchange Commission (SEC), will also provide additional time for prospective investors to complete applicable account-opening, identity verification and regulatory requirements.
David Bird, managing director and chief executive officer of DPRP, said: “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.”
Previously dubbed the “people’s IPO” by Bird, the company has said it wants as many as 10m retail subscribers from Nigeria and across Africa, with a minimum purchase limit of five shares costing 5,250 naira ($3.94).