Nigerian electronic transaction switching and payment processing company, Interswitch Ltd, is planning to expand into new African markets with its initial public offerings (IPO) in London and Lagos by 2016, Bloomberg business reports.
Interswitch has discussed the IPO sales with some foreign banks including Standard Bank Group, Bank of America and Barclays Plc and is likely going to choose an adviser for the transactions in a couple of months.
“We’re looking at the U.K. and Nigeria. Our industry is one that investors love. They understand it, especially in places like the U.K.,” CEO Interswitch, Mitchell Elegbede, said to Bloomberg. The company plans to move into Cameroon, Democratic Republic of Congo and Ghana.
Helios Investment Partners LLP, a London-based private equity group, South Africa’s Adlevo Capital Managers LLC and the International Finance Corp, a unit of the World Bank own about 70 percent-shares in Interswitch.
Recently, the company launched a $10, 000, 000 e-payment fund for startups to jump start disruptive business concepts in Africa payments space.
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