Today, Kenya music streaming startup Mdundo has listed its shares on the Nasdaq First North Growth Market Denmark. The company has its headquarters in the European country.
This development was initially reported by Disrupt Africa.
According to sources, the company has recorded a presale of USD 6.4 million.
The listing further seeks to cement the startup’s edge in the music streaming market in Africa.
Mdundo has been offering its service for an extended period, and at the moment serving 15 countries in the continent: Kenya, Tanzania, Uganda, Nigeria and Ghana, with an increasing focus on Zambia, Zimbabwe, Mozambique, Angola, Rwanda, Cameroon, Congo, Malawi, South Africa, and Namibia.
Its straightforward website is said to attract tons of traffic, with up to 5 million monthly active users.
Mdundo has also reported over 20 million in monthly downloads from its site and mobile apps.
The listing will see Mdundo acquire more funds that will see it expand its turf to other African markets, with the overall goal of being the leading company of its kind in the region.
A two-week tender period saw an oversubscription by 110 percent, with near 3000 investors and raising the aforementioned presale value.
Mdundo has been trying to address the issue of illegal streams and downloads. It hopes that 30 percent of mobile users that listen to music on their phones via illegal downloads will turn to its services.
As of writing this post, Mdundo is currently trading at DKK 10.148 (USD 162, Kshs 175.16) with an opening price of 9.997 DDK. They listed 10,196,668 shares which have a current market capitalization of DKK 103,475,87 ($16.485 million or Kshs 1.786 billion). They also revealed that their revenue was DKK 1 million ($159,322 or Kshs 17.26 million) in 2019.
What CEO Martin Nielsen said
It’s one of our key focuses at Mdundo, to get people who are currently accessing music illegally in Africa to move to legal platforms. We believe in a fair and open music industry on the continent, where African artists are remunerated for their great music, and fans can listen to all the music they want at a low/affordable cost.