The initial public offering (IPO) of Dangote Petroleum Refinery will be extended by 10 days to give investors across Africa more time to participate in the share sale.
The extension was confirmed by a company executive and a deal adviser, Reuters reported, adding that an official announcement was expected later on Monday. The offer was originally scheduled to close on Tuesday.
Launched about a month ago by Nigerian billionaire Aliko Dangote, the share sale aims to raise up to $2.1 billion to finance the refinery's expansion, in what is expected to become Africa's largest public share offering.
The extension is intended to widen participation beyond Nigeria and allow more investors from other African countries to take part.
Dangote Petroleum Refinery is seeking to broaden ownership of its 700,000-barrel-per-day refining complex by offering shares to as many as 10 million retail investors in Nigeria and elsewhere on the continent.
The fundraising is expected to support the refinery's expansion plans while opening its ownership to a wider pool of investors across African markets.
Nigeria's Securities and Exchange Commission and the Nigerian Exchange Group had not immediately commented on the proposed extension as of Monday, while a Dangote spokesperson declined to comment, Reuters reported.
The offering has also highlighted cross-border investment challenges in Africa, including barriers that can make it difficult for investors to participate in share sales outside their home countries.