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Interswitch Plans to List its Shares in Lagos & London As it Hires JPMorgan for IPO

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Interswitch, a Nigeria-based payments firm, has hired advisers to revive plans for a stock-market listing in London and Lagos later this year, people familiar with the matter said. The financial technology firm delayed its attempt to float its shares in 2016 after the price of crude oil fell dramatically, causing a contraction in Nigeria’s economy.

JPMorgan Chase & Co., Citigroup Inc. and Standard Bank Group Ltd. are among the firms working on an initial public offering, which may value the financial technology company at $1.3 billion to $1.5 billion, the people said, asking not to be identified because the deliberations are 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.

Bloomberg details that 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. Standard Bank didn’t immediately respond to a request for comment outside of regular business hours.

 

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