Dangote Petroleum Refinery Extends IPO Deadline to October 27

Dangote Petroleum Refinery and Petrochemicals has postponed its initial public offering deadline by two weeks to October 27, as approved by the Securities and Exchange Commission (SEC). This adjustment allows broader participation from African investors in the anticipated largest share sale on the continent.

The IPO, launched on September 14, aims to attract up to 10 million retail investors in Nigeria and other African nations. The offering includes 4.1 billion ordinary shares priced at N525 each with a minimum subscription of 10 shares. The expected proceeds are approximately $1.6 billion, potentially rising to $2.1 billion if the over-allotment option is fully exercised.