African giant SportPesa linked to IPO

SportPesa is set to become the first African gambling company to float on a stock exchange, with reports claiming it has appointed advisors ahead of a proposed IPO next year.

The sports betting operator, headquartered in Kenya but operational in several African countries as well as the UK and Italy, has been tipped to enter the Nairobi Securities Exchange in the first quarter of 2019, according to a Bloomberg report.

SportPesa, which is the shirt sponsor of English Premier League club Everton and a partner of Arsenal, is believed to have annual revenue of around $1bn.

The Bloomberg news story suggests Nairobi-based Kestrel Capital East Africa will assist with the flotation.

It is believed the IPO has been seen as a potential vehicle for rejuvenating the operator’s business in Kenya as it…

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