Nigeria’s Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering (IPO) by two weeks, giving prospective investors more time to participate in the share sale.

The offer, which opened on September 14, was initially scheduled to close on October 13 but will now remain open until October 27.

The company said the extension was approved by Nigeria’s Securities and Exchange Commission. It cited strong investor interest across Africa and efforts to widen access to the offering.

The refinery, owned by Nigerian industrialist Aliko Dangote, is seeking to expand ownership of its 700,000-barrel-per-day facility by attracting as many as 10 million retail investors in Nigeria and other African countries.

The share sale aims to raise approximately $1.6 billion, with the potential to reach $2.1 billion if an additional allocation option is exercised.

The funds are intended to support the expansion of the refinery complex in Lagos.

The offer is also being viewed as a test of whether African investors can participate more easily in major industrial businesses across national borders.

The company says the extension will allow more time for account opening, identity verification, and other requirements.

Source: Reuters.