A global surge in initial public offerings has so far eluded sub-Saharan Africa
Companies have raised a record $467 billion on the world’s stock exchanges during the first eight months of this year, according to data compiled by Bloomberg. Yet in Johannesburg, home of Africa’s largest bourse, 21 companies have instead de-listed in 2021. Smaller exchanges in Accra, Nairobi and Lagos have been similarly quiet.in South Africa’s economic recovery are pushing companies toward more affordable funding sources.
In Nigeria, fintech companies are emerging on the radar of high-profile investors. But U.S. firm Stripe Inc. agreed to pay $200 million to buy out Lagos-based Paystack, and Flutterwave Inc. said it would look to New York as a potential IPO destination. Cartrack Holdings Ltd., a transportation-data company, was taken private by its founder and listed on Nasdaq under the name Karooooo Ltd. The firm needed more exposure to international investment funds focused on technology, Chief Executive Officer Zak Calisto said.
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