Bamboo, Cowrywise Down As Dangote Refinery IPO Triggers Traffic Surge

Nigerian investment platforms Bamboo and Cowrywise experienced service disruptions on Monday due to a surge in traffic from investors seeking to subscribe to the Dangote Refinery initial public offering (IPO). The platforms confirmed the disruptions in separate posts on X, attributing the difficulties to unusually high traffic as investors moved to participate in the Dangote Petroleum Refinery & Petrochemicals FZE share offer. The IPO commenced on Monday, offering 4.1 billion ordinary shares at N525 per share, and is expected to raise about N2.15 trillion for the refinery. The offer is scheduled to close on October 13.

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