Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has announced the extension of the application period for its Initial Public Offering (IPO) by two weeks and will now remain open until Tuesday, October 27.
Dangote Petroleum Refinery and Petrochemicals FZE opened the Initial Public Offering (IPO), which consists of 4,100,000,000 ordinary shares of US$0.000013 each at N525.00 per share, opened on Monday, September 14, and was originally scheduled to close on Tuesday, October 13.
The extension, the company said, followed approval from the Securities and Exchange Commission (SEC), amid what it said has become one of the most significant capital market offerings in Nigerian and African history, as well as exceptionally strong interest from a broad spectrum of eligible investors across Africa and other international markets.
The refinery stated that since the launch of the offer, investor participation had underscored the growing confidence in its long-term growth prospects and its strategic role in transforming Africa’s energy landscape.
In a chat with journalists at the refinery, President of Dangote Group, Aliko Dangote, said the IPO was going very well, adding: “We will extend the closing date, because we want more of our African brothers and sisters to participate.
“Following our discussions with the Nairobi Stock Exchange, we have identified what we believe is the best way to facilitate participation.
“We are now trying to replicate that arrangement with other African exchanges to ensure wider participation…
“But when it comes to the amount of money we originally intended to raise, we have already received subscriptions amounting to more than three or four times that figure…
“So, it is not about the amount of money; it is about the number of people who will have the opportunity to participate in this offer. That means quite a lot to us.”
The company said the additional two-week period would support ongoing market-access initiatives across African jurisdictions, including the expansion of distribution channels and the rollout of unsponsored depository receipt programmes designed to facilitate seamless cross-border investment, as well as provide more time for prospective investors to complete account-opening procedures, identity verification processes, and other regulatory requirements necessary for participation in the offer.
Its Managing Director and Chief Executive Officer, David Bird, said: “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.”
The assured that it remained highly encouraged by the level of investor engagement received across its target markets and believes the extension will ensure broader participation by retail, institutional and cross-border investors seeking to be part of the refinery’s next phase of growth.
