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Nigerian Solar-Based Internet Provider Seeks IPO, $50 Million

  • Part of proceeds would be used to expand into Ivory Coast
  • Tizeti plans also target listing on the Nasdaq after Nigeria

Tizeti, a US-backed Nigerian startup that connects homes to the internet through solar-powered towers, is looking to raise as much as $50 million to expand its operations. 

The company, which has backing from tech specialist Y Combinator, will seek funds from both an initial public offering in Lagos and a debt issue, Chief Executive Officer Kendall Ananyi said in an interview. The proceeds will be used to expand to 10 more states in Nigeria outside the main commercial hubs of Lagos, Abuja and Port Harcourt, as well as Ghana and Ivory Coast, he said.