Dangote Petroleum Refinery and Petrochemicals has extended the application period for its initial public offering by two weeks, to 27 October, citing strong investor interest across Africa.
The offering opened in mid-September and was set to close on Tuesday, 13 October.
The company said in a statement on Monday that Nigeria’s Securities and Exchange Commission has approved the extension.
The offer of 4.1 billion ordinary shares priced at N525 each remains open. The IPO aims to raise about $1.6 billion, or up to $2.1 billion if an overallotment option is exercised.
The money will help fund expansion of the Lagos refinery.
Aliko Dangote, said the extension was not driven by a need to raise more money. He said it reflects the company’s ambition to broaden ownership of the refinery across Africa.
The offer targets up to 10 million retail investors in Nigeria and elsewhere on the continent. David Bird, the refinery’s managing director and chief executive, said the extra time would help extend the offer to more investors across the continent.
Uganda’s Capital Markets Authority has also approved marketing of the offer to high-net-worth individuals and professional investors, following an application submitted by Stanbic IBTC Capital.
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