Renaissance Capital announced that the minimum subscription for the Kenya Global Depositary Receipts (GDRs) of Dangote Petroleum Refinery Plc has been reduced to KSh535.
The new minimum requires investors to buy at least 10 GDRs, each priced at KSh53.50, down from the previous requirement of 2,000 GDRs and a KSh107,000 outlay.
The change follows feedback from prospective investors, strong market demand and approval from the Capital Markets Authority (CMA), according to Renaissance Capital.
“This revision aligns the Kenya GDR with the minimum investment under the Nigeria IPO, enabling wider participation by investors,” the issuer said.
“The reduction in the minimum investment threshold follows feedback from the investor community, high market demand and approval from CMA,” it added.
The reduction does not affect the price of each GDR, which remains KSh53.50.
The offer covers up to 728,971,962 GDRs, which at KSh53.50 each represents roughly KSh39 billion of potential capital.
The CMA approved the short-form prospectus on October 5, 2026, and the Kenyan offer opened on October 6, 2026.
The subscription closes at 5 pm on October 13, 2026, and applicants must pay the full amount in Kenyan shillings before the deadline.
Eligible investors need a valid Central Depository and Settlement Corporation (CDSC) account and can apply via USSD code 483250#, the official portal or an authorised selling agent; those without a CDSC account may open one through the portal.
The listing on the Nairobi Securities Exchange still requires clearance from Nigeria’s Securities and Exchange Commission before trading can commence.
While the lower threshold may broaden retail participation, it does not guarantee that all applicants will receive the requested GDRs or that a vibrant secondary market will develop.
