Dangote Petroleum Refinery & Petrochemicals FZE has opened nearly 20% of its $1.6 billion initial public offering (IPO) to East African investors. The company is seeking to raise approximately $300.4 million through the sale of 729 million Global Depositary Receipts (GDRs) in Kenya and Uganda.

Regulators in both countries have cleared the offer, with applications in Kenya expected to close on October 13. The GDRs are planned for listing on the Nairobi Securities Exchange. In Uganda, the offer is restricted to high-net-worth and professional investors. This expansion marks a significant step in Dangote’s strategy to broaden its investor base across the continent, alongside its plans for a new refinery facility in Kenya.