Dangote Petroleum Refinery and Petrochemicals FZE has extended the application period for its initial public offering (IPO) to October 27, 2026, from the earlier closing date of October 13, following strong interest from investors across Africa and other international markets.
The company disclosed this in a notice of extension, stating that the Securities and Exchange Commission (SEC) had approved the extension to give more investors an opportunity to participate in the offer.
The IPO involves 4.1 billion ordinary shares of $0.000001 each, priced at N525 per share.
According to the company, the extension is intended to support ongoing market-access initiatives across African jurisdictions, including the expansion of distribution channels and the implementation of depositary receipt programmes designed to facilitate cross-border investor participation.
The additional period will also allow prospective investors to complete the applicable account-opening procedures, identity verification and other regulatory requirements necessary to participate in the offer.
The company said it remained encouraged by the level of investor engagement recorded since the launch of the IPO and believed the extension would provide more investors across its target markets with an opportunity to participate.
David Bird, Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, said the extension would broaden access to the offer and enable more African investors to participate in the company’s future growth.
“We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa,” Bird said.
Under the revised timetable, the application list will close on October 27, 2026, while the collation of returns is scheduled for November 3, 2026.
The company is expected to submit its basis of allotment proposal and draft allotment announcement to the SEC on November 10, 2026. The regulator’s no-objection to the basis of allotment, described as the allotment date, is scheduled for November 17, 2026.
The transfer of net offer proceeds to Dangote Petroleum Refinery and Petrochemicals is expected to take place on the allotment date plus one business day. The allotment announcement will also be published within the same period.
Investors whose applications are rejected or who are entitled to refunds of surplus application monies are expected to receive their funds within five business days after the allotment date.
The revised timetable further provides that the crediting of successful allottees’ Central Securities Clearing System (CSCS) accounts for settlement and the commencement of trading in the shares on the Nigerian Exchange Limited will take place 15 business days after the allotment date.
However, the company cautioned that the dates are indicative and based on the assumption that the principal events in the offer timetable will be completed as scheduled.
It said the timetable could be adjusted without prior notice if necessary, subject to consultation with the issuing houses.
The extension comes as the refinery seeks to widen participation in its share offer and attract investors from Nigeria, other African countries and international markets.
The N525 offer price and the proposed sale of 4.1 billion shares form the basis of the current offer, while the revised application deadline gives prospective investors additional time to complete the necessary subscription procedures.
The IPO represents an opportunity for investors to acquire an interest in the refinery’s future growth, subject to the offer terms, regulatory requirements and the risks associated with investing in equities.
Investors are expected to review the offer documents and comply with the prescribed application procedures before the revised closing date.
