Dangote Refinery IPO closes with applications from 120 countries

Dangote Petroleum Refinery and Petrochemicals closed its initial public offering on October 27 after receiving investor applications from all 54 African countries and about 120 countries worldwide, according to the company and Nigerian Exchange Group officials. The offer opened on September 14 and was extended from its original October 13 closing date to allow more time for participation. The geographic reach figures describe applications, not confirmed share allocations. The company and NGX reported participation from approximately 120 countries, while a report published before the offer closed put the count at 119 at that earlier point. The refinery offered 4.1 billion ordinary shares at ₦525 each, with a proposed capital raise of approximately ₦2.15 trillion. The company has not provided a final order book or allocation results in the reported statements, so the total number of shares subscribed for and whether an overallotment option was used are not established. Dangote Industries president Aliko Dangote said the offering was intended not only to raise capital but also to broaden ownership of the refinery and give African investors an opportunity to participate. Refinery...