TPG-Backed Cellulant Dumps IPO Plan as Africa Funding Dries Up

Cellulant Ltd., a Kenyan payments company, scrapped a plan for an initial public offering in 2024 after investor interest in African startups waned.

The Nairobi-based company, backed by US private equity giant TPG Inc., planned to sell shares and list on the Nasdaq next year.

“Given the market environment right now, including the capital markets, I think it’s very unlikely that I will see an IPO in the near-term horizon,” Chief Executive Officer Akshay Grover said in an interview. “If there is any further capital raise in 2024, it would likely be a private transaction rather than a listing ...