Investors in Kenya seeking to buy into Dangote Petroleum Refinery and Petrochemicals have been given more time to participate in the share offer after the initial public offering (IPO) deadline was pushed to October 27, 2026.
The revised deadline extends the offer period by two weeks from the original closing date of October 13. The extension is intended to allow more prospective investors to complete the procedures required to participate in the offer.
The Nigerian Securities and Exchange Commission approved the extension as the company continues with plans to attract investors through its public share sale and related investment channels.
The IPO opened on September 14, with 4.1 billion ordinary shares offered at 525 Nigerian naira per share.
How Kenyan investors can participate
Kenyan investors can access the offer through Global Depositary Receipts (GDRs), which represent shares in a foreign company and provide a way to invest in those shares through another market.
The Capital Markets Authority approved the Kenyan GDR prospectus submitted by Renaissance Capital (Kenya) Limited on October 5, paving the way for local participation in the offer.
Each GDR is priced at Ksh53.50, with the minimum subscription set at 10 receipts, equivalent to Ksh535. This is lower than the previous minimum requirement of 2,000 receipts, which would have cost Ksh107,000.
The reduced entry threshold allows investors to participate with a smaller initial amount, although additional charges and applicable investment requirements may affect the final cost.
Other firms named as facilitators of the offer include CPF Capital and Advisory, SBG Securities/Stanbic Bank, Francis Drummond & Co Limited, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital and AXYS Investment Bank.
The GDR arrangement is intended to give Kenyan investors access to the Nigerian refinery through the local capital markets framework. The offer remains subject to its published terms and the relevant regulatory requirements.
What happens after the offer closes?
The revised timetable provides for the collation of application returns by November 3, followed by submission of the proposed share allocation to Nigeria’s securities regulator on November 10.
Regulatory clearance of the allocation is expected by November 17, while trading is anticipated to begin in early December, subject to completion of the necessary procedures.
The offer concerns Dangote Petroleum Refinery and Petrochemicals in Nigeria. It should not be confused with the proposed refinery project in Lamu County, Kenya.
Investors interested in participating should review the official offer documents to understand the terms, risks, fees and allocation process before committing funds.
The extension gives prospective investors additional time to assess the offer and complete their applications. However, the outcome will depend on the offer process and the applicable regulatory approvals.
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