FINSEC extends Dangote IPO application deadline
STAFF WRITER
Financial Securities Exchange (FINSEC) has extended the application window for Zimbabwean investors seeking exposure to the Dangote Petroleum Refinery and Petrochemicals FZE initial public offering (IPO), following Nigerian regulatory approval to move the offer’s closing date from October 13 to October 27, 2026.
The extension is intended to broaden African investor participation, including through regional market-access arrangements and depository receipts being developed in response to interest from Southern African capital markets.
Accordingly, the application deadline for the proposed Dangote Depository Receipts in Zimbabwe has been extended to Wednesday, October 21, 2026.
FINSEC said the earlier local deadline would allow sufficient time for application verification, exchange-control documentation, regulatory processes and the consolidation and transmission of subscriptions before the Nigerian offer closes.
The revised deadline supersedes the previously announced Zimbabwean closing date of Monday, October 12, 2026.
The underlying Dangote shares are being offered in Nigeria at a fixed price of ₦525 per share. However, the equivalent US dollar price for Zimbabwean investors will depend on the exchange rate and conversion arrangements applied by the depository when payment for the underlying shares is made, as outlined in the Zimbabwe offer circular.
The previously communicated indicative price of US$0.40 per depository receipt remains subject to exchange-rate movements.
Once the applicable exchange rate is confirmed, the final price may affect the number of depository receipts allocated to investors for their subscriptions or result in a refund of any unapplied balance.
FINSEC said it would publish updated indicative US dollar pricing and the underlying reference exchange-rate information once confirmed by the depository. These indications remain subject to final pricing and allocation arrangements.
Investors will be notified of the confirmed price and their respective allotments before their applications are finalised.
FINSEC has reminded investors to submit completed application forms and the required exchange-control declarations when making subscription payments.
Funds received without both documents will not constitute valid subscriptions and will be returned to the remitting investors, subject to applicable verification and banking procedures. No depository receipts will be allocated against such payments.
All applications remain subject to the terms of the Zimbabwe offer documentation, applicable regulatory approvals and final allotment arrangements.
