Rush for Dangote Refinery IPO crashes Bamboo, Cowrywise

The rush for subscription to the Dangote Refinery IPO led to service disruption on Bamboo and Cowrywise, two prominent investment platforms within the first few years the offer went public.

Dangote Refinery on Monday October 14 commenced its initial public offering (IPO) with the share sale comprising 4.1 billion ordinary shares offered at N525 per share until 13 October. The refinery aims to raise N2.15 trillion.

“Hey everyone, we’re getting much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly,” Bamboo said in a statement.

Cowrywise also acknowledged an unusually high volume of traffic on its platform, assuring customers it was working to resolve the issues as early as possible.

“We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone,” the investment platform said.

The disruptions occurred on the first day of the Dangote Refinery’s $1.6 billion initial public offering, which seeks to raise about N2.15 trillion through the sale of 4.1 billion shares at N525 each.