Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has extended its Initial Public Offering (IPO) deadline by two weeks. The original closing date was set for October 12, but the company now aims to close the offering on October 27. This extension follows approval from the Securities and Exchange Commission (SEC).
The IPO, valued at approximately $1.5 billion, is described as Africa’s largest single offering. It has attracted significant interest from both Nigerian and international investors. Ethiopia has joined the IPO, allowing the refinery to widen its investor base across the continent.
The extension is intended to support ongoing market-access initiatives in various African jurisdictions. The company said the additional time will help accommodate more investors and ensure broader participation.
This IPO marks a historic milestone for the Nigerian financial market. It is also the first public offering in Africa to reach such a scale. The refinery, owned by Aliko Dangote, is one of the largest in the region.
The IPO comes amid efforts to strengthen the African capital markets. It is expected to raise substantial funds for the refinery’s operations and expansion plans. The success of the offering could set a new benchmark for future listings on the continent.
