Dangote Refinery extends deadline for IPO subscription

Dangote Petroleum Refinery and Petrochemicals FZE has extended the subscription period for its Initial Public Offering (IPO) by two weeks to October 27, 2026, following approval from the Securities and Exchange Commission (SEC).

The offer was initially slated to close on October 13 after it opened on September 14. The extension allows prospective investors an additional 14 days to apply for the shares.

In a notice to the investing public, the refinery said the extension would support ongoing efforts to expand access to the offer across African markets, including the distribution of shares through additional channels and the implementation of depositary receipt programmes.

The company also said the additional time would allow prospective investors to complete account opening, identity verification and other regulatory requirements necessary to participate in the offer.

Dangote Refinery is offering 4.1 billion ordinary shares at N525 per share, giving the offering a total value of approximately N2.15 trillion.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the extension would provide more investors across Africa with an opportunity to participate in the offer.

“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa,” Bird said.

The refinery said it had received strong interest from eligible investors across Africa and other jurisdictions since the IPO opened.

The extension is to widen participation by improving distribution channels and introducing depositary receipt programmes to facilitate cross-border investment.

The latest extension also gives investors more time to satisfy the documentation and compliance requirements associated with the offer.

Under the revised timetable, the application list will close on October 27, while the collation of returns is scheduled for November 3, 2026.

The company will submit its basis of allotment proposal and draft allotment announcement to the SEC on November 10 with the regulator’s no objection expected on November 17.

The transfer of net offer proceeds to the refinery and publication of the allotment announcement are scheduled for one business day after the allotment date.

Investors whose applications are rejected or who are entitled to surplus funds are expected to receive refunds within five business days after the allotment date.

The crediting of successful applicants’ Central Securities Clearing System (CSCS) accounts, and the commencement of trading in the shares are scheduled for 15 business days after the allotment date.