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· Metro Africa Xpress (MAX), the Nigerian mobility startup, has issued a N10 billion (US$22 million) multi-currency bond
· The company says it has already raised ₦400 million in the first segment of the N10 billion bond issue
· The bond received strong interest from local and international fixed income investors despite the economic disruptions since in uncertain times, investors prefer to park their resources in less risky instruments
Metro Africa Xpress (MAX), the Nigerian mobility startup, has issued a N10 billion (US$22 million) multi-currency bond. The company says it has already raised ₦400 million in the first segment of the N10 billion bond issue. MAX became the first mobility company in Africa to issue a bond.
The company’s bond program was structured in line with its mission to build the technology and financing infrastructure for mobility across Africa. The proceeds from the bond shall be used to fund MAX’s growing asset financing program across two-wheeler, three-wheeler and other vehicle classes in Nigeria.
MAX, Gokada, O’Ride, and other bike companies, have had their businesses disrupted in Lagos in recent times since the state government banned the operation of motorcycles and tricycles across the state.
The bond received strong interest from local and international fixed income investors despite the economic disruptions since in uncertain times, investors prefer to park their resources in less risky instruments.
