Flutterwave CEO Olugbenga Agboola recently stated that the company will not pursue an IPO until it becomes profitable. However, in a surprising move, Agboola met with Nigerian President Bola Tinubu to discuss a potential listing on the Nigerian Stock Exchange (NGX), sparking speculation about the fintech giant’s next steps.
With a $3 billion valuation, Flutterwave would become one of the most valuable companies on the NGX, surpassing local financial institutions. However, given its unprofitable status, an NGX listing may not happen soon, as the exchange typically favors dividend-paying stocks. The NGX has been actively courting tech companies since launching its tech board in 2022, potentially offering incentives for Flutterwave to list locally.
While an NGX listing could boost Nigeria’s stock market, questions remain about whether it would meet the expectations of Flutterwave’s dollar-based investors. The company may opt for a dual listing strategy, but its long-term IPO plans remain uncertain.
Read the full news here: TechCabal