Interswitch Perfects Plans For $1.5bn 2019 IPO, London, Lagos Dual Listing

Nigeria’s payment giant- Interswitch is reportedly in the final stages of resurrecting its planned Initial Public Offering (IPO), which may value it at between $1.3bn and $1.5bb.
Ahead of the IPO and the eventual dual listing of the company on the London and Nigerian stock exchanges, Bloomberg reports that JPMorgan Chase & Co., Citigroup Inc., and Standard Bank Group Ltd. are among the advisers hired, citing people familiar with the matter.
Deliberations on the matter, the report noted, are still private.
Interswitch, owned by private equity firm Helios Investment Partners, has engaged with banks in recent weeks after a thwarted IPO attempt two years ago, the people said. The potential listing would follow those of two other major African and Middle Eastern tech company share sales this year. Jumia Technologies AG, dubbed the Amazon of Africa, listed in New York earlier this year, while Dubai-based payments firm Network International Holdings Plc went public in London.
Representatives for Helios, Interswitch, JPMorgan, and Citigroup declined to comment, Bloomberg added, just like Standard Bank.
Interswitch pulled earlier plans to list in 2016 after the price of crude oil fell dramatically, causing a contraction in Nigeria’s economy.
An uptick in growth may accelerate payments between companies and thus revenues at payment-services providers. Another African-focused payment, loans, and financial services company Bayport will be looking to approach certain markets for a share sale in 2019, the company said previously.
Helios is among several private funds that specialize in investing in African assets as the economic recovery taking place across the continent bolsters investor sentiment and infrastructure plans.

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