LAMU, Kenya – Kenyan investors can now participate in the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) with as little as Sh535 after Renaissance Capital reduced the minimum investment requirement by 99.5pc, days before the offer closes.
The issuer of the Kenyan Global Depositary Receipts (GDRs) announced the revision on October 9, lowering the minimum subscription from 2,000 receipts to 10 while retaining the price at Sh53.50 per receipt.
The change cuts the minimum application amount from Sh107,000 to Sh535, making the investment accessible to retail investors who could not meet the original threshold.
In a statement Renaissance Capital said: “The reduction in the minimum investment threshold follows feedback from the investor community, high market demand and approval from CMA.”
The issuer also explained that the change would bring the Kenyan offer in line with Nigeria’s minimum subscription requirements.
“This revision aligns the Kenya GDR with the minimum investment under the Nigeria IPO, enabling wider participation by investors,” the statement said.
The revised terms come ahead of the Tuesday, October 13, 2026, deadline, leaving prospective investors with limited time to review the updated offer and submit applications.
The revision addresses a significant difference between the Kenyan investment route and the main Nigerian IPO.
Under the original Kenyan arrangement, investors had to purchase at least 2,000 GDRs at Sh53.50 each, committing Sh107,000 to participate.
In Nigeria, retail investors could subscribe for as few as 10 ordinary shares. The difference meant Kenyan investors faced a substantially higher minimum entry cost despite seeking exposure to the same refinery business.
The Sh107,000 threshold risked excluding a significant number of retail investors.
The initial terms also contrasted with the stated ambition to widen ownership of one of Africa’s largest industrial projects.
Stanley Kariuki, chief executive of Renaissance Capital Kenya, had previously told Business Daily: “We would like everybody to participate in the IPO, which means using the issued information memorandum which allows for the purchase of a minimum of 10 shares.”
He added: “We have seen interest across the board from both retail and institutional investors.”
The revised minimum now allows eligible Kenyan investors to apply for 10 GDRs, matching the minimum number of units available under the Nigerian offer.
The revised subscription terms substantially lower the amount required to apply. That represents a reduction of Sh106,465 in the minimum application amount.
The Kenyan offer covers up to 728,971,962 GDRs, each representing one underlying ordinary share in Dangote Petroleum Refinery and Petrochemicals FZE, the Nigerian company.
The GDR arrangement enables eligible Kenyan investors to access the foreign company’s shares through a locally traded instrument denominated in Kenyan shillings.
The offer does not cover shares in the separate Dangote East African refinery project planned for Lamu County.
The offer closes at 5pm East Africa Time on Tuesday, October 13, 2026. Eligible investors can apply through the designated online portal, the official USSD channel or authorised selling agents.
Applicants should review the amended Information Memorandum dated October 9 before committing funds.
The planned listing on the Nairobi Securities Exchange remains subject to the applicable regulatory approvals and completion of the offer process. The expected listing date is December 8, 2026, according to the initial offer information.
The lower entry threshold does not guarantee that every applicant will receive the full number of receipts requested, nor does it guarantee investment returns.
Investors must also consider market volatility, trading liquidity, applicable transaction costs and the financial performance of the underlying refinery business.
The CMA has cautioned that its approval of the offer does not amount to a recommendation to invest and has encouraged prospective investors to seek independent professional advice.
