West African streaming services IROKO is set to take a giant step by making it`s Initial Public Offer after announcing it is intention to list on the alternative Investment Market of London Stock Exchange in early 2022, projected to raise betwee 20 million$ to 30 million$ bringin the company to between 80 million$ to 100 million$ in market value.
According to the Company`s Founder Jason Njoku the company needs to shift focus towards gaining International customers but cited devaluation of Naira as the main factor that promted the shift, added that ” when the company started in Africa in 2015, they offered an annual subscription fee of N3,000, which was worth $18 at the time.
This has since declined to $7.5 at the official naira exchange rate and $6.4 on the parallel market, prompting the company to raise prices by 3.5 times in Nigeria and Ghana.
If the company succedded and listed in the London Stock market it will be one of the few companies in West Africa who have extenteded services out of there Primary target by shifting to focus to break into new market among people living in disapora across Europe and North America.
“An international subscriber base is much more sustainable,” says Njoku. He adds that the number of international users and average revenue per user are both set to increase in 2021.
Source: tamaleonline.net | Fahd Adam