Dangote Petroleum Refinery and Petrochemicals FZE has prolonged the subscription interval for its preliminary public providing (IPO) by two weeks to October 27, 2026, following approval from the Securities and Exchange Commission (SEC).
The provide, which opened on September 14, was initially scheduled to shut on October 13, however the extension provides potential traders a further 14 days to apply for the shares.
In a discover to the investing public, the refinery mentioned the extension would help ongoing efforts to develop entry to the provide throughout African markets, together with the distribution of shares via further channels and the implementation of depositary receipt programmes.
The firm additionally mentioned the extra time would permit potential traders to full account opening, identification verification and different regulatory necessities crucial to take part within the provide.
While a number of apps and conventional platforms have been deployed for the provide, Nairametrics gathered that the IPO has hit a report a million distinctive retail subscriber, led by Bamboo and Moniepoint. Bamboo is claimed to be doing over 3x the following platform.
Dangote Refinery targets wider African investor participation
Dangote Refinery is providing 4.1 billion peculiar shares at N525 per share, giving the providing a complete worth of roughly N2.15 trillion.
Managing (*27*) and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, mentioned the extension would supply extra traders throughout Africa with a possibility to take part within the provide.
- “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,” Bird mentioned.
The refinery mentioned it had obtained sturdy curiosity from eligible traders throughout Africa and different jurisdictions because the IPO opened.
The extension is meant to widen participation by enhancing distribution channels and introducing depositary receipt programmes to facilitate cross-border funding.
Depositary receipts are monetary devices that permit traders to achieve publicity to shares in an organization via preparations that may make these shares accessible in different markets. Their use can assist firms attain traders who might face sensible or regulatory obstacles to investing straight within the underlying shares.
The newest extension additionally provides traders extra time to fulfill the documentation and compliance necessities related to the provide.
Revised Dangote Refinery IPO timetable
Under the revised timetable, the appliance listing will shut on October 27, whereas the collation of returns is scheduled for November 3, 2026.
The firm will submit its foundation of allotment proposal and draft allotment announcement to the SEC on November 10, with the regulator’s no objection anticipated on November 17.
The switch of internet provide proceeds to the refinery and publication of the allotment announcement are scheduled for one enterprise day after the allotment date.
Investors whose purposes are rejected or who’re entitled to surplus funds are anticipated to obtain refunds inside 5 enterprise days after the allotment date.
The crediting of profitable candidates’ Central Securities Clearing System (CSCS) accounts, and the graduation of buying and selling within the shares are scheduled for 15 enterprise days after the allotment date.
Dangote desires to democratize wealth with IPO
Speaking through the flag-off ceremony of the IPO on September 14, Aliko Dangote, President and Chief Executive Officer of Dangote Industries Ltd., mentioned the Refinery IPO would democratise wealth creation for peculiar Nigerians and traders globally.
Dangote had described the provide as a historic second for Nigeria’s capital market and the Dangote Group and Africa, saying it could allow peculiar Nigerians and traders globally to personal shares in one in all Africa’s main industrial tasks.
The ceremony witnessed the Nigerian Exchange Ltd. formally opening the N2.15 trillion IPO comprising 4.1 billion new peculiar shares supplied at N525 per share, with a minimal subscription of 10 shares valued at N5,250.
The subscription opened via about 55 digital channels spanning 20 banks, two cell cash operators, NGX’s Invest platform and 32 fintechs, in a push to attain 10 million traders. The IPO closes on October 13, whereas itemizing on NGX is anticipated in November.
