Dangote Refinery extends $1.6B Africa IPO by two weeks to Oct 27 amid overwhelming demand
Dangote Petroleum Refinery has extended its landmark $1.6 billion IPO—the largest ever in Africa—by two weeks, pushing the closing date from today (October 13) to October 27, 2026, to accommodate surging pan-African retail investor interest. The offer, targeting individual investors across the continent, opened on September 14 and features 4.1 billion shares priced at ₦525 each, with a minimum subscription of 10 shares (₦5,250). Proceeds will fund expansion of the 700,000 barrel-per-day Lagos-area refinery to double capacity by 2030.
The IPO has already attracted subscriptions "more than three or four times" the original target, causing trading platforms like Bamboo and Cowrywise to experience Day-1 downtime from overwhelming traffic. A preceding private placement in July was 270% oversubscribed despite targeting $2.5 billion. The Securities and Exchange Commission approved the extension after discussions with the Nairobi Stock Exchange, with Dangote stating the goal is to enable "more of our African brothers and sisters to participate" through expanded distribution channels and cross-border facilitation.
A green shoe option allows an additional 30% of shares to be sold if oversubscribed. Investors should note that while specific current subscription platforms weren't detailed, the company emphasizes completing account opening, identity verification, and regulatory preconditions via official channels before the new October 27 deadline. With the refinery's output critical to Nigeria's fuel security, will you seize this extended window to invest in Africa's biggest energy infrastructure play, or wait to see how the oversubscription trend evolves in the final two weeks?