YC-Backed Nigeria ISP Tizeti Plans IPO on Local Bourse
TLDR
- Tizeti, a Y Combinator-backed internet service provider operating in Nigeria, Togo, and Ivory Coast, plans to list on the Nigerian Exchange
- Founded in 2013, Tizeti delivers affordable internet using solar-powered towers and undersea cables
- The IPO will allow the 11-year-old company to raise funds locally while providing exit opportunities for early investors
Tizeti, a Y Combinator-backed internet service provider operating in Nigeria, Togo, and Ivory Coast, plans to list on the Nigerian Exchange (NGX). The IPO will allow the 11-year-old company to raise funds locally while providing exit opportunities for early investors. Tizeti aims to avoid the challenges of foreign listings and VC-type returns amid economic headwinds in Nigeria.
Temitope Osunrinde, Tizeti’s Vice President of Marketing, confirmed the IPO plans, stating, “We are focused now on launching our fiber broadband service. We will share more information on the IPO shortly.”
This move aligns with NGX’s push to attract Nigerian startups, which often list on foreign exchanges like NASDAQ. Jumia and Swvl faced steep post-IPO declines on these markets. Founded in 2013, Tizeti delivers affordable internet using solar-powered towers and undersea cables. The company reported $1.2 million in 2018 revenue and plans to expand with its subscription-based FREEFIBER.AFRICA service.
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Key Takeaways
Tizeti’s decision to list locally signals a shift for African startups, which often pursue foreign listings. These listings have produced mixed results. Jumia’s 2019 IPO saw its stock price plunge from $14.50 to $4.64. NASDAQ-listed Swvl dropped from $247 to $6.34 between 2021 and 2024. Local exchanges like NGX offer startups a chance to raise capital without the intense scrutiny of global markets. Industry leaders suggest startups listing locally at $1 million ARR could attract long-term investors. Tizeti’s affordable internet model, using solar-powered towers and partnerships with providers like MainOne, exemplifies innovative business strategies in Africa’s growing tech scene. With products like FREEFIBER.AFRICA and over 35,219 TB delivered by 2023, Tizeti’s IPO could attract investors keen on regional tech infrastructure growth.
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