Dangote Petroleum Refinery and Petrochemicals has stopped accepting applications for its public share offer, with the process now moving to the verification and allocation of shares to investors.
The offer closed on Tuesday, October 27, after the company extended the subscription deadline from its initial October 13 closing date.
The IPO offered 4.1 billion ordinary shares at ₦525 each, putting the proposed value of the offer at approximately ₦2.15 trillion.
The refinery said applications would undergo verification before the proposed share allocation is submitted to the Securities and Exchange Commission for approval. Successful applicants will receive their allotted shares through the Central Securities Clearing System after the required processes are completed.
Investor interest extended beyond Nigeria, with applications received from 120 countries, including all 54 African nations, according to the company.
The refinery has cautioned investors against individuals claiming to offer shares through the closed IPO. The shares will become available for trading on the Nigerian Exchange following the completion of the allotment and listing processes.