The Dangote Kenya GDR Offer closing date has been extended from 13 October to 27 October 2026, following the extension of the Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) IPO in Nigeria.
Extension Follows Strong Investor Interest
The extension follows strong investor interest in the Dangote Refinery IPO across Africa and other jurisdictions. According to DPRP, the additional period will support the expansion of distribution channels and depositary receipt programmes to facilitate cross-border participation, while allowing prospective investors more time to complete the necessary account-opening, identity verification and regulatory requirements.
For the Kenyan market, the revised offer period provides eligible investors with additional time to understand the GDR vehicle and submit applications through the Kenya GDR offer, which enables participation in the Nigerian IPO using Kenya’s existing capital market infrastructure.
How the Dangote Kenya GDR Offer Works
A Global Depositary Receipt (GDR) allows investors to access shares in a foreign company through their local market. Under the Kenya GDR Offer, each GDR represents one ordinary share in DPRP, held through custody arrangements in Nigeria.
Investors’ subscription funds will be held by Stanbic Bank Kenya and transferred to Stanbic Bank Nigeria for the acquisition of the underlying DPRP shares. These shares will be held in custody in Nigeria, with corresponding GDRs reflecting the underlying shares and traded on the Nairobi Securities Exchange (NSE) in Kenyan shillings.
Kenyan Investors Gain Direct Route to Dangote Refinery Share Offering Through Unsponsored GDR
The Nigerian Exchange (NGX) remains the primary market for the underlying shares. The programme is unsponsored, meaning it is established and administered by appointed licensed stockbrokers or investment banks independently of DPRP.
Under the Kenya GDR offer, each GDR represents one underlying ordinary share in DPRP, held through a Custodian Bank in Nigeria. The GDRs are intended to be listed and traded on the Nairobi Securities Exchange (NSE) in Kenyan shillings, providing investors with access to the underlying shares without requiring direct participation through the Nigerian market.
Offer Size, Subscription Price and Minimum Investment
The Kenya GDR Offer, comprising up to 728,971,962 GDRs, received approval from the Capital Markets Authority (CMA) on 5 October 2026.
The offer has a minimum subscription of 10 GDRs, equivalent to KES 535, at a subscription price of KES 53.50 per GDR. The GDRs are intended to be admitted to trading on the NSE Main Investment Market Segment, subject to the applicable regulatory requirements.
The offer opened on 6 October 2026 and will now close at 5:00 p.m. on Tuesday, 27 October 2026. All other terms and conditions remain subject to the applicable Information Memorandum and Supplementary Information Memorandum dated 12 October 2026 and any other approved supplementary notices.
Revised IPO Timetable and Next Steps
Following the close of applications, the revised indicative timetable provides for collation of returns on 3 November 2026, submission of the basis of allotment proposal and draft allotment announcement to the Securities and Exchange Commission of Nigeria on 10 November 2026, and anticipated regulatory no-objection on 17 November 2026.
Subsequent activities, including allotment announcements, refunds, crediting of GDRs to investors’ CDSC accounts and commencement of trading on the NSE, will follow the applicable regulatory approvals and settlement procedures.
How Eligible Investors Can Apply
Eligible investors holding a valid CDSC account may apply through the following channels:
- USSD: Dial 483250#.
- Online application: Visit Dangote Kenya GDRs IPO.
- Authorised Selling Agent: Submit an application through an authorised agent.
Investors without a CDSC account may apply to open one through the e-offer portal.
Investors are encouraged to review the applicable Information Memorandum and any other approved supplementary notices, including the risk advisory, and ensure that applications and payments are completed within the revised offer period.
