Econet InfraCo made its Victoria Falls Stock Exchange debut on Friday in a listing that defied the conventional IPO playbook.
Instead of selling shares to new investors, InfraCo distributed 25% of its equity, valued at about $250 million, to existing Econet shareholders as a dividend in specie. The move fulfills commitments made to shareholders during the process to delist Econet from the Zimbabwe Stock Exchange.
The structure means all shareholders received free shares in the newly listed entity. Econet retains a 70% stake in InfraCo, leaving minority investors with both a direct holding in the infrastructure business and an indirect stake through their shareholding in Econet.
The share distribution is the largest ever by a Zimbabwean company. It also creates an unusual setup where investors could receive dividends from both Econet and InfraCo.
Trading is expected to begin on March 31.
The listing ceremony drew participation from government, regulators and institutional investors, reflecting growing interest in infrastructure-linked assets on the VFX.
Finance Minister Mthuli Ncube said the listing signals increasing confidence in Zimbabwe’s capital markets and infrastructure story.
“The listing of Econet InfraCo on the Victoria Falls Stock Exchange is a statement about where Zimbabwe is going — about the maturity of our capital markets, and the confidence that long-term investors are placing in our infrastructure story. Infrastructure remains the foundation upon which sustainable economic growth is built.”
InfraCo chairman Godfrey Gomwe said the business starts with an existing asset base and will focus on execution and returns.
“Econet InfraCo is a multi-asset infrastructure platform already operating at scale — we are not building from scratch. Our focus is on disciplined execution, strong governance, and unlocking the full value of our asset base,” he said.
He added the company offers “yield today, growth tomorrow”, positioning it to attract both local and international capital.
