Dangote Petroleum Refinery has extended its $1.6 billion initial public offering by two weeks to allow more investors across Africa to participate, following strong demand.

The company says the offer, which opened on September 14 and was initially scheduled to close on October 13, has attracted subscriptions worth more than three times its original target. The Securities and Exchange Commission has approved the extension.

The refinery says it is working with the Nairobi Stock Exchange and other African exchanges to make it easier for investors across the continent to participate.

The IPO offers 4.1 billion shares at 525 naira per unit, with a minimum subscription of 10 shares. Funds raised will support the expansion of the refinery, which currently processes 700,000 barrels of crude oil daily and is expected to double its capacity by 2030.