Zimbabwe-based Econet Group has said it is planning an initial public offer (IPO) next year for its Liquid Telecom unit, which offers business and wholesale services in 15 African countries. According to a report from New Zimbabwe, Econet’s founder Strive Masiyiwa has confirmed that he has turned down ‘several multibillion-dollar offers’ for Liquid Telecom in recent months, saying: ‘We have received several unsolicited offers for Liquid, but we want it to remain an independent access provider for internet in Africa. We are going to raise more capital in market and strengthen its market leadership in this vital space.’
In February this year Liquid Telecom raised USD150 million to fund its continued expansion and it is now looking to raise further capital to help its push into West Africa. It currently operates 18,000km of fibre networks in markets such as South Africa, Zimbabwe, Rwanda and the Democratic Republic of Congo. It is looking to add another 20,000km of networks in the next three years.