Investors who subscribed to the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) will know how many shares they have secured from November 18, following the expected Securities and Exchange Commission (SEC) clearance of the basis of allotment a day earlier.
The revised timetable places November 10 as the deadline for the submission of the basis of allotment to the SEC, while regulatory clearance is expected on November 17. The allotment announcement is scheduled for November 18, with investors expected to receive their shares in their Central Securities Clearing System (CSCS) accounts ahead of the commencement of trading on the Nigerian Exchange (NGX).
According to MoneyCentral’s October 29 report on the revised timetable, CSCS crediting and NGX trading are expected around December 8, approximately 15 business days after the allotment date. The date remains indicative pending official confirmation.
The development follows the closure of the public offer on October 27, after the refinery extended the subscription period by two weeks from its original October 13 deadline to accommodate more investors across Africa.
The offer, which opened on September 14, comprised 4.1 billion ordinary shares priced at ₦525 each, with the company seeking to raise approximately ₦2.15 trillion.
However, demand reportedly exceeded the offer size significantly. BusinessDay reported on November 9 that subscription orders reached approximately ₦6.4 trillion, almost three times the value of the shares initially offered.
Despite the strong demand, the company fell short of its target of attracting 10 million shareholders, according to the publication. The reported subscription value should not be confused with the final number of successful applicants or shares that will eventually be allotted.
Aliko Dangote had earlier announced the 10-million-investor ambition as part of efforts to broaden public ownership of the refinery. The minimum subscription was 10 shares at ₦525 each, requiring an investment of ₦5,250.
The oversubscription also raises the possibility that some applicants may receive fewer shares than they requested, depending on the final allocation formula approved by the SEC. Investors whose applications are only partially successful are entitled to refunds of excess subscription funds.
The refinery’s official IPO portal says applications are being checked and that the basis of allotment must receive SEC approval before the allotment announcement is published. It also advises investors to contact the banks, brokers or investment platforms through which they applied for updates on their individual applications.
The planned listing is attracting wider attention because of the refinery’s potential weight on the Nigerian stock market. Its entry could influence market capitalisation, trading activity and the positioning of institutional investors.
For now, investors will be watching the November 17 regulatory milestone and the subsequent allotment announcement, while awaiting an official NGX notice confirming the commencement of trading.
