Interswitch to Hire JPMorgan for 2019 IPO

Founder & CEO, Interswitch, Mitchell Elegbe,

Payments firm, Interswitch, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year.

JPMorgan Chase & Co.Citigroup Inc. and Standard Bank Group Ltd. are among the firms working on an initial public offering, which may value the financial technology company at $1.3 billion to $1.5 billion, the people said, asking not to be identified because the deliberations are private.

Interswitch, owned by private equity firm Helios Investment Partners, has engaged with banks in recent weeks after a thwarted IPO attempt two years ago.

The potential listing would follow those of two other major African and Middle Eastern tech company share sales this year.

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Jumia Technologies AG, dubbed the Amazon of Africa, listed in New York earlier this year, while Dubai-based payments firm Network International Holdings Plc went public in London.

Representatives for Helios, Interswitch, JPMorgan and Citigroup declined to comment. Standard Bank didn’t immediately respond to a request for comment outside of regular business hours.