Business · Companies · 1 hr ago
Dangote refinery extends Nigerian IPO deadline to October 27
Aliko Dangote's Lagos refinery has extended its IPO deadline to October 27.
The refinery is in Lekki, near Nigeria's largest city, and is one of Africa's biggest.
It had aimed to raise $1.6 billion to double its capacity.
Dangote says interest could bring in more than three or four times that target.
He says the extra time is meant to let more ordinary people buy a stake in the refinery.
If the expansion goes ahead, it would make the facility the world's largest refinery, surpassing one in India.
Aliko Dangote extended the deadline for the initial public offering of his Nigerian refinery to October 27.
He said the extension would give more people a chance to own a stake in the refinery.
The Lagos facility had aimed to raise $1.6 billion to double its capacity.
Dangote said interest was enough to raise more than three or four times the target amount.
Le Monde reported that Dangote aims to attract 10 million subscribers to the offering.
- Who
- Aliko Dangote and investors in the Dangote refinery.
- What
- The refinery’s initial public offering deadline was extended to October 27.
- When
- The extension was announced on October 12, according to Africanews, which said the deadline had been due to close on Tuesday.
- Where
- The refinery is in Lagos, Nigeria.
- Why
- Dangote said the extension would give more people, including ordinary people, a chance to participate.
This story does not have two clearly opposing sides.
Subscription opened for the refinery’s listing on the Lagos financial market, according to Le Monde.
Dangote said during a tour of the facility that the IPO deadline would be extended.
The extended deadline for the IPO.
- New IPO deadline
- October 27
- Refinery location
- Lagos, Nigeria
- Fundraising target
- $1.6 billion
- Facility capacity
- 700,000 barrels a day
- Subscribers sought
- 10 million, according to Le Monde
What people are saying
We are going to extend the date because we want a lot of our African brothers and sisters to participate
It is not about the amount, it is about the number of people that we want to participate.
Sources
Related news
French nuclear maintenance firms searched in investigation involving EDF
Record number of investors avoids France’s stock market
TotalEnergies promises diesel price cuts from early November
French state to become Eramet’s largest shareholder
Drone deliveries from France to Alderney under study
Fonderie de Bretagne faces liquidation after no takeover offer is confirmed
French debt and political instability unsettle financial markets
No takeover offers for Fonderie de Bretagne before deadline
LVMH’s third-quarter sales growth falls short of expectations
IMF raises eurozone growth forecast but cuts outlook for France
BYD considers France for one of two planned European factories
