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