IrokoTV Targets Alternative Market …Set To List on London Stock Exchange

By David Whitehouse
West African film-streaming service IrokoTV will seek to list on London’s Alternative Investment Market within the next 12 months, CEO Jason Njoku tells The Africa Report.
The sale would aim to raise between $20m and $30m, and would value the whole business at between $80m and $100m, Njoku says from his base in Accra. Discussions with brokers will start in the coming weeks, says Njoku, who holds a stake of 18% in the debt-free company.
Iroko has the world’s largest online catalogue of Nollywood films. Njoku has redefined the company’s strategy to target diasporic markets in Europe and North America, rather than growth in its main West Africa markets of Nigeria, Ghana and Côte d’Ivoire.
He points to the weakness of the region’s currencies and reduced levels of disposable income as a result of Covid-19 as factors that prompted the shift.
“Consumer confidence has essentially collapsed,” he says. “The macro has dominated us in Africa.”
The company closed its offices in New York and London, and cut jobs last year to reduce costs. When Iroko started in Africa in 2015, an annual subscription fee of N3,000 was worth $18, he says. That has since declined to $7.5 at the official naira exchange rate and $6.4 on the parallel market. Iroko responded to the economic crisis in December by raising prices by 3.5 times in Nigeria and Ghana

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