NAIROBI, Kenya- Dangote Petroleum Refinery and Petrochemicals FZE has extended its initial public offering (IPO) application deadline by two weeks, giving investors until October 27, 2026, to apply for shares in the Nigerian energy company.
The refinery announced the extension on October 12 after receiving approval from Nigeria’s Securities and Exchange Commission (SEC). The offer originally opened on September 14 and was scheduled to close on October 13.
The company said the additional time would support efforts to expand access to the share offer across African markets, including through wider distribution channels and depositary receipt programmes that facilitate cross-border investment.
The extension also gives prospective investors more time to open accounts, complete identity verification and meet regulatory requirements before submitting their applications.
In its official notice, the refinery said it had received strong interest from eligible investors across Africa and other jurisdictions.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, said the extension would widen participation in the offer.
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer,” Bird said.
He added: “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.”
Dangote Group President Aliko Dangote also linked the revised deadline to the company’s ambition to attract investors from across the continent.
Speaking to journalists, Dangote said the offer was performing well and that the company wanted to give more African investors an opportunity to participate.
“The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate,” Dangote said.
He cited discussions with the Nairobi Securities Exchange (NSE) on arrangements to facilitate participation from Kenya.
“Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation,” he said.
Dangote added that the company was exploring similar arrangements with other African exchanges to widen access to the offer. He also said subscriptions had exceeded the amount the company originally intended to raise.
The public offer comprises 4.1 billion ordinary shares priced at ₦525 each, giving the offer a total value of approximately ₦2.15 trillion if all the shares are subscribed.
The refinery intends to use funds raised through the offer to support its growth and expansion plans. Its longer-term ambitions include increasing processing capacity from around 700,000 barrels per day to 1.4 million barrels per day.
The extension also affects Kenyan investors seeking exposure to the refinery through Global Depository Receipts (GDRs).
On October 18, the NSE announced that it had extended the application period for the Dangote Kenya Inward GDR offer to October 27, aligning the local deadline with the revised Nigerian IPO timetable.
“The offer period for the Dangote Kenya Inward Global Depository Receipts (GDR) Offer has been extended, providing eligible investors with additional time to participate in this investment opportunity,” the exchange stated.
Each GDR costs Sh53.50, while the minimum subscription stands at 10 GDRs, bringing the minimum investment to KSh535 before applicable fees and charges.
The Capital Markets Authority approved the Kenyan GDR arrangement on October 5, allowing eligible local investors to participate through a structure organised by Renaissance Capital (Kenya) Limited.
The regulator clarified that the offer relates to the Nigerian refinery and not the proposed Dangote refinery project in Lamu County. It also cautioned that regulatory approval does not amount to a recommendation to invest.
Under the refinery’s published timetable, the application list will close on October 27, followed by the collation of application returns on November 3.
The company plans to submit its proposed share-allocation basis to the SEC on November 10 and expects to obtain the regulator’s no-objection approval on November 17.
