Strive Masiyiwa’s Econet InfraCo has made history by listing on the Victoria Falls Stock Exchange (VFEX) at a valuation of $1 billion, marking the largest initial listing in Zimbabwe’s capital markets history.
The company, which consolidates Econet Wireless Zimbabwe’s telecommunications towers, renewable energy systems, and strategic real estate, listed under the ticker INFR.VX on March 31.
This move is seen as a strategic shift for Econet, allowing it to unlock value and generate stable, long-term income streams.
The listing coincides with Econet Wireless delisting from the Zimbabwe Stock Exchange, where it had been one of the largest and most liquid counters since 1998.
Finance Minister Mthuli Ncube hailed the milestone as a signal to the world about Zimbabwe’s direction, saying, “This demonstrates to the world that Zimbabwe is open for business and our regulatory frameworks are strong.” VFEX chairperson Florence Jambwa added that the listing introduces a new dimension to the exchange, complementing existing listings and strengthening its appeal to investors.
The InfraCo valuation reflects an enterprise value multiple of approximately 20 times EBITDA, underpinned by the stability and hard-currency nature of infrastructure earnings.
The company’s tower portfolio is anchored by a long-term tenancy agreement with Econet Wireless, providing a predictable base revenue.
