IrokoTv, an on-demand platform that provides paid-for Nigerian films, has announced plans to list on the Alternative Investment Market (AIM) of the London Stock Exchange.
This was revealed by the founder of the streaming service Jason Njoku, in a recent interview with theafricareport.
Njoku who holds an 18% stake in the company told theafricareport, that the sale would aim to raise between $20m and $30m, and would value the whole business at between $80m and $100m.
Founded in 2011 by Jason Njoku and Bastian Gotter, the company shifted focus from Africa to focus on Europe and North Africa where it has a higher Average Revenue Per User (ARPU).
A number of factors prompted IrokoTv to make this business decision including the COVID-19 pandemic, the new round of devaluation of the naira (IrokoTV mostly does business in $) and the introduction the 6th Amendment to the NBC code. More so, IrokoTv international business represents 80% of its revenue.
Therefore, it is unsurprising that the streaming service is prioritising it’s international growth by planning to list in London’s alternative bourse.
