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Nigerian billionaire Aliko Dangote’s refinery has shut the door on any further delay to its initial public offering, telling investors that Tuesday, Oct. 27, is their last chance to buy shares.
The Dangote Petroleum Refinery said in a statement on Monday that the deadline is final and that no extension will be granted. “This is the final opportunity for investors to participate in this historic offer,” the company said.
The firm closing date marks a shift in tone from earlier this month, when the refinery pushed back the deadline to give more investors time to subscribe. This time, management is using the deadline to drive last-minute demand.
The company said interest has picked up in the closing days of the offer. It described a broad investor base that includes individuals, pension funds, institutional investors, asset managers, professionals, business owners and members of the African diaspora.
Demand is also coming from beyond Nigeria. The refinery said subscriptions have arrived from other African countries and from international markets, although it did not name specific countries or disclose how many shares have been taken up so far.
That missing number is now the key figure to watch. The company has not said whether the offer is fully subscribed, and it gave no update on the amount raised to date.
Management is pitching the refinery as more than a fuel business. “Investors recognise that this refinery is not merely an energy asset,” the company said, positioning the shares as a long-term bet on Nigeria’s industrial growth rather than a pure oil play.
The refinery is leaning on its latest numbers to close the sale. In the statement, it highlighted nine-month revenue of $22.5 billion and net profit of $4.73 billion, along with its move from net debt to a net cash position.
The deadline also caps weeks of marketing aimed at ordinary investors, a group Dangote has said he wants to put first in the share allocation.
Once the books close, the focus will move to the results of the offer. Investors will be waiting for the final subscription level, how shares are allotted between large and small buyers, and the date the stock begins trading.
Those figures will show how much appetite investors at home and abroad really have for Dangote’s refinery, and how the market values it once trading begins.
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