CMA approves purchase of Dangote Refinery IPO shares

The GDR, basically shares of a foreign company that can be traded locally, was submitted by Renaissance Capital Limited Kenya and several other firms and has been licensed to assist local investors.

Others include CPF Capital, SBG Securities/Stanbic Bank, Francis Drummond, National Bank of Kenya/Access Bank, Sterling Capital, Kestrel Capital, and AXYS Investment Bank.

"CMA has already granted the green light to Renaissance Capital (Kenya) Limited to seek the listing subject to the successful fund raise and subsequent allocation of requisite shares that will facilitate creation of the GDRs," CMA reported.

The IPO initially opened on September 16, 2026, and it closes on October 13, 2026, with a planned secondary NSE listing around December 8, 2026.

At the close of the DPRP IPO and confirmation of the allocation of DPRP shares, Renaissance Capital (Kenya) Limited will structure GDRs which will be listed at the Nairobi Securities Exchange (NSE). 

To apply for the IPO, local brokers will require Know Your Customer (KYC) data, including identification documents, personal details, and biometrics, and require a minimum investment of 10 shares at Ksh.49 each, totalling Ksh.490, and a broker account through one of the seven authorized brokerages or via approved and licensed platforms like My Stocks Africa.

The transaction is the first of its kind since the issuance of the Policy Guidance Note on Global Depositary Receipts and Global Depositary Notes in Kenya. 

It will allow Kenyan investors to access a significant African IPO and positions Kenya as a financial hub for capital raising in Africa.

The IPO however, only relates to the DPRP FZE based in Nigeria, and is not an offer in the DPRP ongoing project in Lamu. 

This comes after President William Ruto and Dangote Group Chairman & Nigerian billionaire Aliko Dangote on September 30, 2026, held a groundbreaking for the construction of a Ksh.2 trillion Dangote East Africa Refinery.

The project is expected to take three years to complete and will supply refined petroleum products to Kenya and neighbouring countries, helping reduce East Africa's reliance on imported fuels.