Nigeria based payments firm has renewed plans for an IPO, hiring JPMorgan, Citigroup, and Standard Bank to IPO later in 2019 valuing the firm at an estimated $1.3-1.5b. Interswitch, which is owned by private equity firm Helios Investment Partners, had previously contemplated an IPO two years ago.
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Interswitch renews IPO plans
The potential listing would follow those of two other major African and Middle Eastern tech company share sales this year. Jumia Technologies AG, dubbed the Amazon of Africa, listed in New York earlier this year, while Dubai-based payments firm Network International Holdings Plc went public in London. Interswitch pulled earlier plans to list in 2016 after the price of crude oil fell dramatically, causing a contraction in Nigeria’s economy. An uptick in growth may accelerate payments between companies and thus revenues at payment-services providers.
