Dangote Group plans to extend the application deadline for its refinery’s initial public offering (IPO) by two weeks to enable more investors across Africa to participate in the share sale.
Sources at the refinery confirmed the development on Monday, saying the offer would now close on October 27, instead of the original deadline of October 13.
“The major reason is because most exchanges in Africa are just creating platforms for participation,” a source said.
The extension is expected to give investors in more African countries additional time and access to participate in the offer.
Dangote Refinery IPO: Offer Details
The Dangote refinery officially opened its IPO on September 14, offering 4.1 billion ordinary shares at ₦525 per share.
Investors can purchase a minimum of 10 shares, while the company expects the shares to be listed on the Nigerian Exchange Limited after the completion of the IPO.
If fully subscribed, the offer could raise ₦2.15 trillion to support the refinery’s expansion operations.
Dangote Calls IPO ‘People’s IPO’
Aliko Dangote, chief executive officer of Dangote Group, described the offer as the “People’s IPO”, saying it would give members of the public an opportunity to own a stake in the refinery.
“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,” he said.
Dangote Fertiliser IPO Planned for 2028
The planned extension follows Dangote’s September 22 announcement that the conglomerate’s fertiliser business would be listed through an IPO in 2028.
The proposed listing would provide another opportunity for investors to participate in the group’s businesses through the capital market.
