Home » Nigerian founder Dozy Mmobuosi’s Tingo moves to raise $500 million, market cap soars above $7.6 billion

Nigerian founder Dozy Mmobuosi’s Tingo moves to raise $500 million, market cap soars above $7.6 billion

by Omokolade Ajayi
Dozy Mmobuosi

Tingo Inc., an agri-fintech firm led by Nigerian multimillionaire Dozy Mmobuosi, announced a proposed IPO and a $500-million capital round, sparking an optimistic bullish sentiment among market participants and pushing the company’s market capitalization past the $7.6-billion level.

Africa’s leading agri-fintech firm, Tingo Inc. is the parent company of Tingo Mobile PLC. Mmobuosi launched the agriculture-focused company roughly two decades ago, and it has progressively evolved to become one of Africa’s most valued fintech companies.

With $594 million in sales and $212 million in earnings before interest, taxes and depreciation (EBITDA) in 2020, the company is poised to embark on a strategic development strategy that could see its EBITDA more than double by the end of 2025.

The firm revealed that is in discussions to raise more than $500 million in a private placement as part of its plan to list on the New York Stock Exchange in the first half of 2022.

The listing procedure aligns with the company’s aim to become a global player, as the funds will be used to expand operations through the purchase of commodities and fintech firms, with whom it will merge current operations.

Mmobuosi said this will help the company become a “phenomenal” business.

As a result of the planned listing and capital raise, shares in Tingo on the U.S. over-the-counter market increased by more than 33 percent to $5.99 per share at the time of writing this report, pushing the company’s market capitalization above the $7.6-billion mark, and resulting in impressive gains for shareholders.

The firm hopes to invest $100 million from the capital injection to a fund that would enhance loans to largely female farmers, while other development ambitions include expanding its operations to at least 19 African nations over the next three years.

“We intend to acquire firms and build infrastructure to enable us to become a pan-African business, giving the same services we do in Nigeria in many other countries,” Mmobuosi said.

Mmobuosi, the group CEO of Tingo Inc., co-founded Tingo Mobile in 2001 and led a team of 123 Chinese and Nigerian engineers to establish two mobile phone assembly plants in Nigeria in 2013.

These facilities have produced more than 20 million mobile devices which have been distributed across Nigeria.

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