Dangote refinery IPO rush overwhelms two investment sites

The launch of the Dangote Petroleum Refinery and Petrochemicals FZE Initial Public Offering on Monday led to a surge in demand that overwhelmed two prominent Nigerian investment platforms, Bamboo and Cowrywise. Both platforms experienced unusually high traffic as retail investors rushed to subscribe to the offer, leaving some users unable to log into their accounts.

Bamboo informed users via X that the access issues were due to the unexpected volume of traffic from IPO-seeking investors. The company assured customers that the problem would be resolved soon. Cowrywise also reported increased traffic and stated that their team was working to restore normal operations. The two platforms are among the approved channels for investors to subscribe to the Dangote Refinery public offer.

The IPO, seeking to raise N2.15tn through the sale of 4.1 billion shares at N525 each, opened on Monday. Retail investors can purchase a minimum of 10 shares, valued at N5,250, to encourage widespread participation. The Dangote Refinery IPO is one of Africa's largest public share offerings, with the refinery owned by the Dangote Group planning to use the funds to expand operations and increase refining capacity.