Dangote refinery initial IPO extended by two weeks, received subscriptions more than three or four times figure planned

Dangote Petroleum Refinery and Petrochemicals ongoing Initial Public Offer has been extended by two weeks to October 27. In a chat with media men in the Refinery, President of Dangote Group, Aliko Dangote said : “The IPO is going very well. We will extend the closing date because we want more of our African brothers and sisters to participate. 

“Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation. We are now trying to replicate that arrangement with other African exchanges to ensure wider participation…

“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…

“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-week period will support ongoing market-access initiatives across African jurisdictions, including the expansion of distribution channels and the rollout of unsponsored depository receipt programmes designed to facilitate seamless cross-border investment.

“It will also provide more time for prospective investors to complete account-opening procedures, identity verification processes, and other regulatory requirements necessary for participation in the offer.

Speaking on the extension, David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals FZE, 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.”

The company noted that it remains highly encouraged by the level of investor engagement received across its target markets and believes the extension will ensure broader participation by retail, institutional and cross-border investors seeking to be part of the refinery’s next phase of growth.It said that the extension has become necessary because of strong investor interest across Africa and efforts to broaden access to the share sale.

The company said on Monday that Nigeria’s Securities and Exchange Commission had approved the extension of the offer, which opened on September 14 and had was slated to close on October 13.