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Zimbabwean investors have until Wednesday to apply for shares in Nigerian billionaire Aliko Dangote’s oil refinery, as the company’s record initial public offering heads into its final week.
The Financial Securities Exchange, known as FINSEC, has extended its local application window for depositary receipts in Dangote Petroleum Refinery and Petrochemicals to Oct. 21, The Herald reported. The window opened on Sept. 29 and was originally due to close on Oct. 9.
The extension follows a decision by Nigeria’s Securities and Exchange Commission to push the main offer’s closing date from Oct. 13 to Oct. 27. FINSEC closes earlier than Lagos to allow time for application checks, exchange-control paperwork, regulatory approvals and the transfer of subscriptions to Nigeria.
The indicative price is 40 cents per depositary receipt, subject to exchange-rate movements. FINSEC said the final price could change the number of receipts each investor receives, and any unused balance may be refunded. Subscriptions must come with a completed application form and an exchange-control declaration, or the money will be returned.
David Bird, chief executive of the refinery, said the extension would help the company reach more investors across Africa. “We welcome the SEC’s approval of the extension,” he said.
Zimbabweans are buying through a Southern African depositary receipt program anchored in Botswana, where Access Bank Botswana plans to issue up to $500 million of receipts. Trading is expected to begin on Dec. 14. The minimum investment in Zimbabwe is $100, and investors can apply through the C-TRADE platform and EcoCash, BusinessDay reported.
Zimbabwe is one of several African markets the refinery has opened to. Kenya cleared Nairobi investors to buy global depositary receipts, while Uganda and Ethiopia have limited access to professional and wealthy investors. Rwanda’s Capital Markets Authority said in September it was working to let local investors take part, and the Egyptian Exchange is in talks with Dangote Group on Egyptian depositary receipts. The refinery said on Sunday that subscriptions had come from more than 90 countries, including 51 of Africa’s 54 nations.
The company is selling 4.1 billion shares at ₦525 each to raise about ₦2.15 trillion ($1.6 billion), the largest IPO in Nigeria’s history. Proceeds will help double the refinery’s capacity to 1.4 million barrels a day and expand fuel storage and distribution.
The refinery reported a net profit of $4.7 billion for the nine months to Sept. 30 on revenue of $22.5 billion. At Renaissance Capital Africa’s target price of ₦700.41, Dangote’s stake would be worth about $55 billion. Dangote is Africa’s richest perso
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