Mdundo $6.4m IPO. Anatomy of an African Music IPO

When I read that African music startup Mdundo was listing on the Danish stock exchange (the Nasdaq First North Growth Market), I was equally surprised and excited. I have been speaking on and off with the team at Mdundo since 2014 and they were definitely a passionate and consistent team. Iroking at the time had 1.1m MAUs but was struggling with the monetization. Their IPO was 110% over subscribed and valued Mdundo at $16m. Based on the deal flow I have seen in West Africa, their $400k in revenue & $400k losses in 2019 and $600k ($2m losses) 2020/21E Mdundo $16m valuation doesn't feel expensive. But they will have to really ramp up growth and monetization to keep their investors happy. That is going to be a big challenge. A really big challenge. Iroking ultimately failed losing $2m

2022 20M MAUs forecasted

$400k in revenue & $400k losses in 2019 and $600k ($2m losses) 2020/21E

East & West Africa reigns supreme

As you can see from above, 2020 through 2022 - ...

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