GetBucks Zimbabwe, a microfinance company owned by TLG Capital-backed GetBucks Ltd and Brainworks Capital and is planning to list on Zimbabwe’s Stock Exchange on January 15th in a $3.2 million IPO, the first on the ZSE in 7 years. Proceeds from the IPO will be used to pay for the expenses of the offer as well as to provide the firm with $2.9 million in working capital.
TLG Capital’s $25 million dollar deal in January 2015 to acquire 55% of Getbucks Ltd was the first foray by the Africa-focused private equity into the fintech space.
“We are not cashing out, none of the founding shareholders are. We believe that there is a lot more value going into the future and we are committed for the long-term,” Brainworks’ CEO George Manyere told The Zimbabwe Mail when IPO plans were first announced.