Dangote Petroleum Refinery and Petrochemicals has pushed back its initial public offering deadline by two weeks to October 27. Nigeria's Securities and Exchange Commission approved the extension to allow more investors to participate using expanded distribution channels and depositary receipt programmes. The offer began on September 14 and seeks to raise funds by selling 4.1 billion ordinary shares priced at 525 naira each.
Managing Director and CEO David Bird said the extra time would help prospective investors complete the requirements to take part in the offering. The company said it had attracted interest from investors across Africa and internationally, though some were still working through account opening, identity verification and regulatory procedures.