Dangote Refinery Extends $2.1bn IPO to Attract More African Investors

The Dangote Petroleum Refinery has extended its initial public offering (IPO) by 10 days to give investors from other African countries more time to participate in the share sale, which seeks to raise up to $2.1 billion.

A company executive and an adviser to the transaction confirmed the extension to Reuters on Monday.

The public offering, which opened about a month ago, was initially scheduled to close on Tuesday. The extension is expected to widen participation beyond Nigeria as the refinery pursues funding for its expansion programme.

The share sale targets members of the public and is expected to become Africa’s largest IPO if it achieves its projected scale.

Owned by Nigerian billionaire Aliko Dangote, the refinery is seeking to raise substantial capital to support its expansion plans and strengthen its operations in the petroleum industry.

The decision to extend the offering provides prospective investors across the continent with additional time to consider the investment opportunity.

It also signals efforts to attract broader African participation in one of the continent’s most significant private-sector fundraising exercises.

The refinery’s IPO comes as the company pursues plans to expand its capacity and consolidate its position in the regional petroleum products market.

Further details on the revised closing date and arrangements for investors outside Nigeria were not provided in the report.

The extension was disclosed by a company executive and an adviser to the deal, according to Reuters.