Dangote Refinery extends its $2.1 billion IPO by 10 days to allow more African investors to participate in the landmark share sale.
The initial public offering (IPO) of Nigerian billionaire Aliko Dangote’s oil refinery will be extended by 10 days to allow investors from other African countries to participate, a company executive and an adviser on the deal have told Reuters.
The IPO opened about a month ago and was scheduled to close on Tuesday. It targets the general public, seeking to raise as much as $2.1 billion to fund the refinery’s expansion in what is expected to be Africa’s largest share sale.
The refinery, owned by Africa’s richest man, Aliko Dangote, aims to broaden ownership of its 700,000-barrel-per-day refining complex through an offer targeting up to 10 million retail investors in Nigeria and elsewhere on the continent.
An adviser on the deal said an official announcement on the extension would be made later on Monday.
Nigeria’s Securities and Exchange Commission and exchange operator NGX Group had not immediately commented on the planned extension.
A Dangote spokesperson declined to comment.