Nigeria: Bamboo, Cowrywise Down Due to Dangote Refinery IPO Subscription Traffic
The offer includes 4.1 billion shares at N525 each, and the company says investors must use verified channels to avoid unauthorized intermediaries.
- On Monday, Dangote Refinery commenced its $1.6 billion IPO, offering 4.1 billion shares at N525 each to reach 10 million African retail investors and raise N2.15 trillion.
- High demand for the Dangote IPO overwhelmed digital systems, causing unexpected outages as users attempting to purchase shares encountered app disruptions on Bamboo and Cowrywise platforms.
- The company authorized 40 distribution channels to facilitate access, while technical teams at Bamboo and Cowrywise reassured users, stating "We're working on a fix, and it will be up and running shortly."
- Group Chairman Aliko Dangote described the offering as a "people's IPO" to drive wealth creation, while Flutterwave CEO Olugbenga Agboola stated it gives Nigerians "an opportunity to own a stake in a significant infrastructure project."
- Proceeds will finance refinery expansion; currently processing 700,000 barrels daily, the facility aims to double capacity by 2030, with minimum investment of 10 units valued at N5,250.
20 Articles
20 Articles
Dangote IPO rush crashes Bamboo app, one of 40 approved platforms, as investors scramble for refinery shares
The commencement of the Dangote Petroleum Refinery initial public offering triggered an intense rush among investors across Nigeria. This sudden surge resulted in technical disruptions for Bamboo, a popular digital investment application that serves as one of 40 authorized platforms for the share subscription.
Dangote Prices Africa's Biggest IPO at $47 Billion
Aliko Dangote launched Africa's largest share sale on Monday, offering 4.1 billion shares of his Nigerian oil refinery at 525 naira each. The offer runs through Oct. 13 and would raise $1.6 billion if fully subscribed, or as much as $2.1 billion if the company exercises its greenshoe option. The sale values the refinery, which processes 700,000 barrels of crude a day, at roughly $47 billion. The refinery has benefited financially from supply dis…
Dangote IPO crashes top investment apps as retail investors face downtime
Swelling demand for Africa’s biggest Initial Public Offering, the listing of the Dangote Petroleum Refinery and petrochemicals FZE, has overwhelmed read more Dangote IPO crashes top investment apps as retail investors face downtime
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