Dangote Refinery IPO Opens at ₦2.15 Trillion, Africa's Largest-Ever Listing, as Demand Overwhelms Platforms
The Dangote Refinery IPO opened on the Nigerian Exchange, drawing a reported ₦1.5 trillion in subscriptions within the first hour of trading and prompting SEC warnings against unauthorised channels. Retail investment platforms Bamboo, Cowrywise, and Afrinvest experienced outages under the demand surge, while TrustBanc Capital reported pan-African investor interest beyond Nigeria. The offer, priced at ₦525 per share for a ₦2.15 trillion raise, is Africa's largest-ever public equity listing, with Dangote Group retaining an 84.34 percent post-offer stake.
Dangote IPO: ₦1.5 trillion in an hour is the answer Nigeria needed
The question this listing has carried for months was never about the asset — the refinery is real. It was whether ordinary Nigerians would actually show up.
They did. Over 400,000 transactions before midday, with a minimum entry of ₦5,250 — less than $4. That retail depth is the result the capital markets needed, not just the headline number.
The platform crashes at Bamboo, Cowrywise and Afrinvest are an embarrassing footnote — but they're also evidence: the demand that was supposed to be a slogan turned out to be literal.
10 sources
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- Africa’s richest man launches continent’s biggest share sale · myjoyonline.com · T3
- Investors pour N1.5 trillion into Dangote Refinery’s IPO within first hour of trading · nairametrics.com · T2
- Investors fume as Dangote IPO frenzy freezes Bamboo, Cowrywise, Afrinvest apps · technext24.com · T2
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- Bamboo, Cowrywise explain app disruptions as Dangote IPO demand surges · techcabal.com · T1