Dangote Petroleum Refinery has extended its public share offer by two weeks following strong investor demand, with subscriptions reportedly exceeding its initial fundraising target by more than four times.
The President of Dangote Group, Aliko Dangote, said on Monday that the extension was aimed at giving more African investors the opportunity to own shares in the company.
The offer, which opened on September 14 and was initially scheduled to close on October 13, will now run until October 27 following approval by the Securities and Exchange Commission.
The IPO comprises 4.1 billion ordinary shares priced at ₦525 each, with a total offer value of about ₦2.15tn.
Based on Dangote’s comments, subscriptions could amount to approximately ₦8.61tn. However, the company has not disclosed the exact subscription figure or confirmed that the reported fourfold demand applies to the entire offer value.
Dangote said the extension was not intended to raise additional funds but to widen participation across African markets.
The company added that the extra time would allow prospective investors to complete account opening, identity verification and other regulatory requirements.
