Dangote extends refinery IPO to drive more African participation
The firm says that the two week IPO extension will give more African investors the chance to buy into the refinery as it plots future growth.
Dangote Petroleum Refinery and Petrochemicals (DRPR) has announced an extension of its Initial Public Offering (IPO) deadline by two weeks, now set for Tuesday 27 October. This decision allows investors from more African countries to participate in what is anticipated to be the largest IPO in African history. The firm received strong interest from a diverse range of eligible investors across Africa and other regions for the offer, originally slated to close on Tuesday 13 October.
DRPR aims to broaden participation to support ongoing market-access initiatives, including expanding distribution channels and implementing depositary receipt programmes to facilitate efficient cross-border investor participation. The extension, approved by Nigeria's Securities and Exchange Commission (SEC), provides additional time for investors to complete necessary account-opening, identity verification, and regulatory procedures.
DRPR's managing director and CEO, David Bird, expressed appreciation for the SEC's approval, stating that the additional time will help extend the IPO opportunity to more investors across Africa. Initially referred to as the "people's IPO" by Bird, the company had aspired to attract up to 10 million retail subscribers from Nigeria and throughout Africa, with a minimum share purchase of five shares at 5,250 naira ($3.94).
Written by urgent.news from Africa Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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