Interswitch, a Nigerian fintech company has set all plans to list on the Nigerian and London Stock Exchange in motion. The company plans to offer an IPO later this year. Interswitch has confirmed JP Morgan Chase & Co, financial advisers, and Standard Bank Group as firms working on its potential IPO.
The IPO has been estimated to value the company between $1.3 to $1.5 billion. Interswitch has been in touch with top banks regarding the IPO. The company which is owned by Helios Investment Partners tried to have an IPO in 2016 but it never happened due to Nigeria’s recession at the time.
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Interswitch is owned by a private equity investment firm and has been a major player in Nigeria’s digital finance structure since its inception in 2002. Interswitch’s payment platform presently caters for electronic banking and financial transactions of over 32 million consumers.
The company is following the steps of Jumia Technologies AG, an e-commerce company that listed in New York. Interswitch plans to become a public company before the end of 2019.
Helios Partners, are major African assets promoters and they do so by investing in African ventures. E-commerce platform MallforAfrica and Nigerian payments firm Paga are backed by Helios.