Dangote Petroleum Refinery has extended its initial public offering (IPO) by two weeks, giving investors additional time to participate in the ₦2.15 trillion share offer.
BusinessDay reports that the extension comes ahead of the original closing date of October 13, following strong investor demand.
The offer, which opened on September 14, involves the sale of 4.1 billion ordinary shares at ₦525 per share. The minimum subscription is 10 shares, costing ₦5,250, excluding applicable charges.
The refinery is targeting approximately 1.6 billion dollars from the share sale and aims to attract 10 million investors, exceeding Nigeria’s current active investor base of fewer than six million.
The offering has also reportedly influenced trading activities on the Nigerian Exchange, as some investors sell existing shareholdings to raise funds for the subscription.
According to the report, shares allotted to successful subscribers are expected to be credited to their Central Securities Clearing System accounts within 15 business days after allotment approval.
The extension provides prospective investors with an additional two weeks to participate in the landmark share offer.
