SportPesa Weighs on going public through an IPO at Nairobi Securities Exchange

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SportPesa, an online-betting company with operations in Africa and the U.K., plans to list on the Nairobi Securities Exchange in the first quarter of next year, according to two people familiar with the matter.

The firm, with 100 billion shillings ($1 billion) of annual revenue, may rank among the 10 biggest companies on the exchange if the IPO goes ahead, said one of the people. Both asked not to be identified because the information is private. The listing would be the first in Nairobi since August 2016, when clothing retailer Deacons East Africa Plc began trading.

Isle of Man-registered SportPesa appointed Nairobi-based Kestrel Capital East Africa Ltd. as transaction advisers for the IPO, the people said. Kestrel Executive Director Andre DeSimone declined to comment when contacted by phone on Wednesday.

SportPesa declined to comment on the listing plans. The company said in 2016 it’s mulling a listing in two years, Nairobi-based news website MediaMax reported.

“SportPesa is a privately owned company and is constantly exploring opportunities that will create value for our stakeholders,” the company said in an emailed response to questions by Bloomberg on Wednesday. “As and when appropriate, we will communicate with each of our stakeholders.”

SportPesa has a three-year, multi-million pound sponsorship deal with English soccer team Hull City and a five-year sponsorship agreement with Everton Football club, according to its website. The gaming company is also Arsenal Football Club’s Africa betting partner, it said.

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