Money rain in Lagos!
Dangote Petroleum Refinery and Petrochemicals has extended its blockbuster Initial Public Offering by 14 days after investor demand went crazy, tripling its original target and shaking Africa’s capital market.
SEC Approves Extension, Closing Now Oct 27
The application period, which was to close today, October 13, will now close October 27, 2026, after Securities and Exchange Commission approval.
ALSO READ: Dangote Refinery IPO: Investors warned to beware of fraudulent sites after Day 1 glitches
The company is offering 4.1 billion ordinary shares at N525 per share, minimum 10 shares at N5,250, in what is already Africa’s largest public issuance valued at N2.15 trillion.
Sources say extension is to accommodate massive interest across Africa and allow more Africans to become shareholders.
Dangote: We Have Made 3, 4 Times Our Target
President of Dangote Industries, Aliko Dangote, confirmed the frenzy during visit of Kenyan parliamentarians to Lagos refinery.
“The IPO is going very well. We will extend the date because we want a lot of African brothers and sisters to participate. We have done much more than three, four times that amount already. It’s not about amount, it’s about number of people,” Dangote declared.
Managing Director, David Bird added: “We welcome SEC approval. Our ambition is to enable as many people as possible to participate and share in DPRP’s future growth.”
The extension will allow investors time for account opening, verification and cross-border depositary receipt programmes.
Kenya Backs Dangote’s Africa Vision 2030
In a huge endorsement, Majority Leader of Kenya National Assembly Kimani Ichung’wah, who led delegation to 700,000 bpd refinery, described Lamu East Africa refinery project as transformative.
“The audacity of Dangote Group goes beyond looking for profits, but impacting entire economy, shaping destiny of a nation,” he said, insisting project transcends any administration.
With Kenyan lawmakers backing IPO, Dangote’s dream of African ownership of African wealth is becoming reality!
