Mdundo is listing its shares on the Nasdaq First North Growth Market Denmark following an oversubscribed pre-sale period that raised US$6.4 million, in a bid to solidify its leading position in the pan-African music market. Launched in 2013, Mdundo provides access to all the continent’s favourite music to over five million monthly active users in 15 countries in Sub-Saharan Africa, with over 20 million monthly downloads and streams via its website and app. The company’s main markets are Kenya, Tanzania, Uganda, Nigeria and Ghana, with an increasing focus on Zambia, Zimbabwe, Mozambique, Angola, Rwanda, Cameroon, Congo, Malawi, South Africa and Namibia, and it has now decided on an initial public offering in Denmark, where it is headquartered. By listing on Nasdaq First North and opening trading of its shares, which it will on Friday, September 4, Mdundo is aiming to secure additional funds for its ongoing expansion across new African markets and to confirm its brand as the pan-African leader in the music distribution market.
SOURCE: DISRUPT AFRICA
More Stories
What are the Benefits and Costs of Scaling-up the Commercial Production of Bioenergy in Africa?
Faculty of Harvard University and Africa.com Offer Online Course for Entrepreneurs in Food Systems
FTX was Becoming a Force for Normalizing Cryptocurrencies in Africa
Ethiopia Announces Its First Commercial Export of Electricity to Kenya
African Union Calls for Inclusive Tax Regulations
Entrepreneurship Holds the Key to Africa’s Wealth Creation
Creating Africa’s Cocoa Cartel
Harare Shifts the Goal Posts in Farmer Deal
Investing in Nigeria’s Property Boon
UjuziNet is Helping Farmers Better Manage their Operations
Isabel dos Santos Denies Trying to Escape the Law in Angola
Nairobi’s Concerns Halt Possible Export of Baobab