🇳🇬 Dangote extends refinery IPO by two weeks to widen African investor participation

Dangote Petroleum Refinery and Petrochemicals said on 12 October it had extended its initial public offering by two weeks to Tuesday 27 October, after approval from Nigeria’s Securities and Exchange Commission. The offer, originally due to close on 13 October, includes 4.1bn shares priced at 525 naira each and aims to raise 2.15 trillion naira, or $1.63bn, in what the company says could be the largest IPO in African history.

The company said the extension would support market-access initiatives across African jurisdictions, including wider distribution channels and depositary receipt programmes, while giving investors more time to complete account-opening, identity verification and regulatory requirements. Dangote has said it wants up to 10m retail subscribers from Nigeria and across Africa, with a minimum purchase of five shares costing 5,250 naira.

#Nigeria

🔸 Source

@africaintel