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Farirai Machivenyika Senior Reporter  

Pan African green technology company, Agilitee Africa has engaged a financial advisory company as it set its sights on listing on the Johannesburg Stock Exchange.

The company whose subsidiary, Agilitee Zimbabwe recently opened its first shop in the country has engaged AcaciaCap Advisors as part of its plans for going public with an Initial Public Offer on the JSE with a target to raise US$2 billion.

An IPO is when a private company becomes public by selling its shares on a stock exchange.

In a statement, Agilitee confirmed the appointment of the advisory group.

“With the IPO of its entire business, Agilitee intends to raise a total of $2 billion equity capital and this will be conducted through a global capital raising roadshow. As part of the IPO Agilitee is also conducting an early bird capital raising through a private placement where high net worth individuals and other qualified investors can inject a minimum of US$65 million into Agilitee,” reads part of the statement.

The company’s founding chief executive officer, Dr Mandla Lamba, recently resigned from the post to take up a similar role with Agilitee Private Limited, tasked with leading its global outreach.

“We had to reorganize our business because we have just grown so much that our products are in demand globally, as we speak we are concluding transactions in Europe, Australia, Asia and the UK which lead to Agilitee being operational in all these markets,” he said.

Through the IPO, Agilitee is also seeking to raise equity capital by selling 10 percent of the business to new investors while a further 10 percent will be reserved for the low-income earners and other marginalised groups across Africa as part of its empowerment drive.

Dr Lamba expressed his excitement about the appointment of AcaciaCap Advisors.

“This is the testament of the emergence of the New Africa, the era of just a hopeful Africa is gone as Africa is entering the world of the promise of God. This IPO is the final leg of every promise that Agilitee made when Agilitee was formed and will usher the continent to the forefront of the global green revolution. I have worked with AcaciaCap for a while and I am glad they took up the challenge again when we showed up with Agilitee and said to them, please take us public through an IPO,” Dr Lamba said.

Founded in 2018, Agilitee is the first black-owned electric vehicle manufacturer and has set up shop in several countries on the Continent that including Zimbabwe, Eswatini, Kenya, Nigeria and Zambia among others.