Dangote refinery IPO rush overwhelms two investment sites

The opening of the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering on Monday saw a surge in demand that overwhelmed two prominent Nigerian investment platforms, Bamboo and Cowrywise. Retail investors rushed to subscribe to the offer, causing both platforms to report unusually high traffic. Some users were unable to log into their accounts due to the unexpected volume of traffic.

Bamboo acknowledged the access difficulties on X, stating that they were working on a fix to resolve the issue. Cowrywise also experienced increased traffic on its platform and informed users that their team was working to restore normal operations. The platforms, among the approved fintech channels for the Dangote Refinery public offer, are now facing significant pressure from the high demand.

The IPO, one of the largest public share offerings in Africa, seeks to raise approximately N2.15tn through the sale of 4.1 billion ordinary shares at N525 each. The Dangote Refinery plans to use the funds to support expansion and increase its refining capacity.