DANGOTE REFINERY PUSHES BACK IPO BY TWO WEEKS

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Dangote Group is going to push back the deadline for the initial public offering (IPO) by two weeks.This change is meant to give investors from more African countries a chance to take part in the listing.

A source working at the refinery told the press on Monday that this is happening.

A source said the offer would be extended until October 27 to give more African investors access to the IPO.

“The major reason is because most exchanges in Africa are just creating platforms for participation,” the source said.

The Dangote refinery opened its IPO on September 14, with an initial closing date of October 13.

The offer comprises 4.1 billion ordinary shares at N525 per share with a minimum purchase of 10 units. The shares are expected to be listed on the Nigerian Exchange Limited following completion of the IPO.

If fully subscribed, the offer is expected to raise N2.15 trillion for the expansion operations.

Aliko Dangote, chief executive officer (CEO) of Dangote Group, described the offer as the “People’s IPO”, saying members of the public would have an opportunity to participate in the refinery’s ownership.

“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started. It’s not only about the refinery,” he said.

On September 22, Dangote said the conglomerate’s fertilizer business will be listed through an IPO in 2028.

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