Bamboo and Cowrywise, two digital investment platforms, have recorded unusually high traffic as investors seek to participate in the initial public offering (IPO) of Dangote Refinery.
Gatekeepers News reports that the IPO opened for subscription on Monday, triggering a surge in investor activity and login difficulties for some Bamboo users.
Bamboo disclosed the development in a post on X, saying the number of users attempting to access its platform was significantly higher than anticipated.
“We’re getting a 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,” the company said.
The investment platform assured users that it was working to resolve the issue.
“We’re working on a fix and it will be up and running shortly,” it said.
Cowrywise also reported an unusual increase in traffic to its platform, although it did not specifically attribute the development to the Dangote Refinery IPO.
“We’re currently seeing more traffic than usual on the Cowrywise app,” the company said in a statement.
“Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
The development comes amid heightened interest in the Dangote Refinery share offering, with retail investors seeking to take advantage of digital investment platforms to participate in the sale.
Dangote Refinery is offering 4.1 billion ordinary shares at N525 per share. If fully subscribed, the offer could raise approximately N2.15 trillion ($1.6 billion), potentially making it one of the largest public offerings in Nigeria and Africa.
The minimum subscription is 10 shares, which costs N5,250.
The offer is scheduled to remain open until October 13, while the shares are expected to be listed on the Nigerian Exchange (NGX) after the conclusion of the offer.
