Dangote Group has extended the subscription period for the initial public offering (IPO) of Dangote Petroleum Refinery by two weeks, allowing more investors across Africa to participate in the share sale.
The offer, which was initially scheduled to close on October 13, will now remain open until October 27, according to sources at the refinery who confirmed the development on Monday.
One of the sources said the extension was necessary to accommodate investors from other African countries, where stock exchanges are still developing the infrastructure required to facilitate participation in the offer.
“The major reason is because most exchanges in Africa are just creating platforms for participation,” the source said.
The refinery commenced its IPO on September 14, offering 4.1 billion ordinary shares at N525 each, with a minimum subscription of 10 shares.
Upon completion of the offer, the shares are expected to be listed on the Nigerian Exchange Limited (NGX), giving investors an opportunity to acquire an ownership stake in the refinery.
The offer could raise about N2.15 trillion if fully subscribed, with the proceeds expected to support the company's expansion plans.
Aliko Dangote, president and chief executive officer of Dangote Group, has presented the share sale as an opportunity to broaden public participation in the ownership of the refinery, describing it as the People's IPO.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” Dangote said.
The extension is expected to provide additional time for prospective investors to complete their subscriptions as the company seeks to widen participation beyond Nigeria.
The proposed listing is part of Dangote Group's broader strategy to open its businesses to public investment and allow more investors to benefit from their growth.
In a related development, Dangote announced on September 22 that the group's fertiliser business would be listed through an IPO in 2028.
The planned listing would extend the group's public ownership strategy beyond the refinery, potentially creating further investment opportunities in Nigeria's industrial and manufacturing sectors.
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