Africa's private markets, explained

Deal commentary OPay withdraws $304m NYSE IPO after foreign regulatory inquiry Nigeria-based OPay priced 16 million ADSs at $19 each on 30 October 2026, raising $304 million at a $4 billion valuation, only to withdraw the offering hours later citing an inquiry from an unnamed foreign regulator. The development leaves the planned concurrent private placement by Standard Bank in limbo. 31 Oct 2026 · 7 min read Market analysis Pre-IPO shares in Africa: access routes and risks Pre-IPO shares provide exposure to African high-growth companies before public listing through secondaries, SPVs, funds and structured placements. This guide outlines mechanisms, the current pipeline including Dangote Refinery and OPay, and key risks such as liquidity constraints, transfer restrictions and currency volatility. 31 Oct 2026 · 8 min read Market analysis State of African PE and VC secondaries in 2026 Secondaries accounted for 26% of African private capital exits in 2025 according to the African Private Capital Association, up from prior years, as LP-led portfolio sales and GP-led continuation vehicles gain traction. Sango Capital’s May 2026 acquisition of over $120 million NAV marks the largest documented LP-led deal on the continent to date. 30 Oct 2026 · 8 min read Investing 101 How to invest in African companies: public, private and indirect routes A practical overview of accessing listed equities on the JSE, NGX and NSE, Africa-focused ETFs and funds, and private-market opportunities in startups and growth companies, together with the main risks of currency volatility, liquidity and regulation. 30 Oct 2026 · 6 min read Company profiles Flutterwave has no public stock price Flutterwave remains a private company with no shares listed on any exchange. Its most recent valuation reached $3.2 billion in a June 2026 Series E round backed by Ripple, with an implied value near $3.19 billion as of late October 2026. 30 Oct 2026 · 7 min read Market analysis Africa Markets Weekly: Exits on local exchanges and new liquidity rails MNT-Halan's $150M Egyptian IPO rose on debut while Nigeria's SEC proposed a depositary receipt framework to ease cross-border listings. Dangote's refinery IPO closed with demand from all 54 African countries, as private credit and licence acquisitions offered alternative paths to liquidity. 29 Oct 2026 · 8 min read Market analysis Secondary markets for private shares in African companies Secondary transactions allow early investors, founders and employees in African private companies to sell shares before an IPO or acquisition. In a market where exits remain constrained, liquidity depends on bilateral negotiations, rights of first refusal and occasional structured vehicles, as illustrated by Sango Capital’s $120 million LP secondary in 2026. 29 Oct 2026 · 7 min read Investing 101 Routes to invest in African startups An overview of channels for investing in African startups, recent funding trends across key countries and sectors, due diligence considerations, and principal risks for investors new to the asset class. 28 Oct 2026 · 8 min read Market analysis Sango Capital’s $120M secondary marks maturing Africa private markets Sango Capital’s acquisition of more than $120 million in net asset value from an institutional LP in May 2026 is the largest documented LP-led secondary on African assets to date. It underscores growing liquidity options in a market where exits reached 81 in 2025, with secondaries comprising 26% of them. 19 Oct 2026 · 7 min read Deal commentary Standard Bank to invest up to $200m in OPay ahead of NYSE listing Africa’s largest bank by assets has signed a subscription agreement for a private placement in the Nigerian fintech, capped at 4.99% post-IPO. The deal, expected to close around OPay’s US listing, includes board representation and exploration of distribution partnerships across the continent. 14 Oct 2026 · 7 min read Market analysis Africa Counts 10 Unicorns in 2026 As of September 2026, ten Africa-founded private companies hold valuations of $1 billion or more. Nigeria accounts for six, fintech dominates, and the list has added four names since 2021 while one valuation has come under pressure. Data from Afridigest and Partech Africa show what this says about late-stage capital allocation on the continent. 3 Oct 2026 · 8 min read