Africa

SportPesa rejects IPO rumours

Published

6 years ago

October 22, 2018

Niji Narayan

Photo Source: soka.co.ke

Reading Time: < 1 minute

SportPesa, an Africa-based online betting platform, has denied the news that it is going to issue an initial public offering (IPO). Bloomberg, among others, had reported the news.

Ronald Karauri, the company’s chief executive officer, has revealed the company does not have any intentions to issue an IPO.

Mr. Karauri was recently asked by news agency Reuters whether the company was planning an IPO. He answered curtly: “No” he just answered a reporter’s question.

However, Reuters reported that a market source informed about discussion between SportPesa and Nairobi-based Kestrel Capital. The Bloomberg report that created the rumours also suggested that SportPesa had appointed Kestrel Capital East Africa Ltd to advise on the IPO process that would have it listed its shares on the Nairobi Securities Exchange sometime in the first quarter of 2019.

Beside the bare “no” from the company’s CEO, SportPesa issued a statement saying that it is “constantly exploring opportunities that will create value for our stakeholders” and advanced that it will inform about any decisions “when appropriate.”

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.