A top e-commerce company in Africa, Konga could be going public on international stocks in a short while. The company is tracking the same route as Jumia who enlisted on the New York Stock Exchange (NYSE) about a year ago.
The argument which saw Jumia fall from grace was initially perceived as a possible set back for new IPOs from Africa. JUMIA, however, regained its leading status following recent developments in the stock markets. Konga is now trailing the line.
Konga announced the intentions of global stock markets listing and enquiries to begin the process have been received. It also said it is considering either the New York Stock Exchange (NYSE) and the London Stock Exchange (LSE).
Konga Going Public
There had been suspicions since 2019 that Konga intends to IPO on the NYSE to raise its value by $3.5 billion. In accordance, the company’s expansion plan is rooted in the listing as it hopes to raise both money and status. When the initial public offering happens and whether it enlists on both the LSE and NYSE is yet unknown.
Konga isn’t just going public on international markets, it also has the Nigerian Stock Exchange, NSE on its book.
Konga was acquired by Zinox about two years ago. Since then, the company has made investments worth over $120 million in Nigeria while repositioning to take on other African countries Prince Nnamdi Ekeh, co-chief executive officer, Konga Group, told Channels TV.
He also said that Konga has strategically reduced its monthly losses to N100 million from N400 million losses seen at the time it started.
More so, Ekeh boasts that investors have given them the assurance they need to go on for the next years. He said: “The group is highly ethical and wants us to maintain the highest level of integrity. Our investors have assured us of enough capital to survive the next five years at least. This was why we did not accommodate a valuation of $300 million from a consortium of global investors last year”.
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