Dangote Refinery Extends $2.1 Billion IPO By 10 Days

Nigeria’s Dangote refinery is set to extend its initial public offering (IPO) by 10 days to allow investors from other African countries to participate, a company executive and adviser on the deal has told Reuters.

The share sale, which opened about a month ago, was originally scheduled to close on Tuesday. It aims to raise up to $2.1 billion to finance the expansion of the refinery, in what is expected to become Africa’s largest share sale.

Owned by Nigerian billionaire Aliko Dangote, the 700,000-barrel-per-day facility is seeking to broaden its ownership base through an offer targeting as many as 10 million retail investors in Nigeria and across the continent.

An adviser to the deal said an official announcement confirming 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, while a spokesperson for Dangote declined to comment.

SOURCE: Reuters