The Dangote refinery plans to extend the deadline for its initial public offering (IPO) by two weeks to give more investors across Africa an opportunity to participate in the share sale.
Sources at the refinery confirmed the development to TheCable on Monday, saying the new closing date would be October 27, instead of the initial October 13 deadline.
One source attributed the extension to the fact that several African stock exchanges were still developing platforms to enable investors to participate in the offer.
The refinery launched the IPO on September 14, offering 4.1 billion ordinary shares at ₦525 each, with a minimum subscription of 10 shares.
The shares are expected to be listed on the Nigerian Exchange Limited after the offer is completed.
If fully subscribed, the IPO is projected to raise approximately ₦2.15 trillion to support the refinery’s expansion plans.
Aliko Dangote, president and chief executive officer of Dangote Group, described the offer as the “People’s IPO”, saying it was designed to give members of the public an opportunity to own a stake in the refinery.
He said the company intended to share its prosperity with the public, adding that the refinery was only the beginning of the group’s broader ambitions.
Meanwhile, Dangote announced on September 22 that the group’s fertilizer business was expected to go public through an IPO in 2028.