Dangote Group plans to extend the closing date for its initial public offering (IPO) by two weeks to enable more investors across Africa to participate in the share sale.
Sources at the refinery confirmed the development to TheCable on Monday, saying the deadline would move from October 13 to October 27.
One of the sources said the extension was intended to give investors in more African countries sufficient opportunity to take part in the offer.
“The major reason is because most exchanges in Africa are just creating platforms for participation,” the source said.
The refinery launched the IPO on September 14, offering investors an opportunity to acquire shares in the business.
The offer consists of 4.1 billion ordinary shares priced at N525 each, with a minimum subscription of 10 shares. Following the completion of the offer, the shares are expected to be listed on the Nigerian Exchange Limited.
If fully subscribed, the IPO is projected to raise N2.15 trillion to support the company’s expansion plans.
Aliko Dangote, chief executive officer of Dangote Group, previously described the share sale as the “People’s IPO”, saying it was designed to give members of the public a chance to own a stake in the refinery.
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“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” he said.
The planned extension comes as the group seeks to widen participation beyond Nigeria and attract investors from other African markets.
Meanwhile, Dangote disclosed on September 22 that the conglomerate’s fertiliser business would also be offered to investors through an IPO in 2028.