Telecom company, Orange is planning a billion-dollar IPO for its Middle East and Africa (MEA) subsidiary. According to a report by Bloomberg, the French-owned Orange has selected Morgan Stanley and BNP Paribas to lead the IPO process for the unit. The company said a listing is one of the “potential scenarios” on its plate to drive growth for the MEA subsidiary which operates in 20 African and Middle Eastern countries and recorded $5.7 billion in revenue in 2018. Ahead of the potential listing, the telco opened a new MEA head office in Casablanca, Morocco, calling it a “symbolic message” and “proof of our desire to be even closer to our customers.” If it completes the IPO plan, Orange will join a number of African telecom units that have listed on the stock market since 2018.
TECH CABAL DAILY