Top mobile phone maker in Africa, Transsion Holdings has made a move to launch an initial public offering in Shanghai, China.
The development comes after a decade of escalated growth for the Chinese phone maker and its dominance of the African mobile phone market.
The company has reportedly completed a three-month advisory phase with an investment bank going over its finances and management governance. According to Quartz Africa, a date for the listing has not been set. Though the company has not yet disclosed its funding target for the IPO, it is believed the listing will likely be of immense benefit as Transsion looks to accelerate its operations in Africa as it continues to compete for market share.
Transsion has recorded a great deal of progress as it has focused majorly on African and South Asian markets and also specifically churning out phones with locally-tailored features including multiple SIM slots, longer battery life and camera technology calibrated to darker skin tones.
Also, Transsion made phones like Tecno, Itel, and Infinix are relatively cheap compared to competitors like Samsung and Apple. This explains it being the first choice for millions of Africans.
It is worth noting that the Chinese phone maker has a home in Africa. It has a big factory in Addis Ababa where its smartphone components are assembled, tested and completed. It also has research and development centers in Nigeria and Kenya. The Ethiopian factory, first opened in 2011, has expanded to 1,600 employees with a production capacity of a million phones per month.
