The Initial Public Offering (IPO) for Dangote Petroleum Refinery has extended to Kenyan investors via a 39 billion Kenyan Shilling Global Depository Receipt (GDR) offer. The offer, which opened on October 6 and closes on October 13, 2026, requires a minimum subscription threshold of 50 million Kenyan Shillings to proceed. Even if this target is met, final issuance and listing on the Nairobi Securities Exchange remain conditional on regulatory approval from Nigeria’s Securities and Exchange Commission (SEC). If these conditions are not satisfied, the offer will lapse and application monies will be refunded without interest. Participating investors will be entitled to dividends, though they will not hold direct voting rights or qualify for the retail incentive programme associated with the main Nigerian offering. Additionally, the prospectus warns of potential risks, including double taxation and liquidity constraints.