Dangote Petroleum Refinery Extends IPO to Enable Wider African Investor Access

Dangote Petroleum Refinery and Petrochemicals (DRPR) extended its IPO offer by two weeks to Tuesday, 27 October, to allow increased African investor participation in what is expected to be the largest African IPO. The firm stated it received strong interest from eligible investors across Africa and other jurisdictions for the offer originally scheduled to close on Tuesday, 13 October.

DRPR noted the extension supports market-access initiatives in African jurisdictions, including expanding distribution channels and depositary receipt programs to facilitate cross-border investor participation. The offer includes 4.1bn shares priced at 525 naira ($0.39) per share, targeting a 2.15 trillion naira ($1.63bn) raise.