Jason Njoku, Co-founder and CEO of iROKOtv has revealed plans to go public with the company. This seems to be an exit strategy for the startup investor.
According to Techpoint, the video-on-demand company plans to list on the London Stock Exchange (LSE) in 2021. Jason also shared a tweet with the caption “Understanding exit opportunities and IPOs at the London Stock Exchange” to this effect. He took to his twitter handle to hint that he’s been in several IPO meetings. The second tweet quotes Gloopro’s founder, Olumide Olusanya.
Understanding exit opportunities and IPOs at the London Stock Exchange. pic.twitter.com/hCyi7LchZT
— JasonNjoku (@JasonNjoku) October 23, 2019
After this weeks IPO meetings. It's the only thing which matters full stop. Now and forever. https://t.co/R1aRW4SfUa
— JasonNjoku (@JasonNjoku) October 25, 2019
Right after French television company, Canal+ acquired iROKOtv’s film studio – ‘ROK Studios’, Jason took to his Medium channel to talk about the next step for iROKOtv. It was in this post that he revealed that the company will be going public on the LSE once it reaches 1 million+ subscribers and a $100 million+ valuation.
In his words; “This will most likely be in 2022, where our revenue would be $20m+ with operating margins of <$1m (or possibly negative).”
It is important to note that the company raised $19 million from Canal+ and other investors in 2016. The company has been a game-changer in the African Movies Sector and going public will be another icing on the cake.
However, Jason’s recent tweet which read “Better option to set lower revenue expectations and startups list on local exchanges to raise capital from IPOs Diop” has left us wondering if he will be listed on the Nigeria Stock Exchange or the London Stock Exchange.
Better option to set lower revenue expectations and have startups list on local exchanges to raise capital from IPOs Diop. “We may be able to create more gazelles at home than unicorns abroad, Gazelle = $100m+ valuation with $15-$50m in revenue. 🙌🏾🤢🙌🏾https://t.co/gZp0CxJOTC
— JasonNjoku (@JasonNjoku) October 21, 2019
We wouldn’t also be off in considering the odds of the company conducting a dual IPO just like Airtel Africa.
