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Strive Masiyiwa's Econet InfraCo has begun trading on the Victoria Falls Stock Exchange, marking the largest initial listing in Zimbabwe's capital markets history at a valuation of $1 billion and becoming the 16th equity stock on the US dollar-indexed bourse.
The company, which consolidates Econet Wireless Zimbabwe's telecommunications towers, renewable energy systems and strategic real estate into a single standalone infrastructure platform, listed under the ticker INFR.VX on March 31 by way of introduction, meaning no new capital was raised at listing. Instead, 25% of Econet InfraCo, valued at approximately $250 million, was distributed to existing Econet shareholders as a dividend in specie, giving investors direct exposure to the platform's income streams and growth prospects from the outset.
The listing also coincided with Econet Wireless delisting from the Zimbabwe Stock Exchange, where it had been one of the largest, most liquid and most internationally recognised counters since 1998. Shareholders had previously approved a board proposal to exit the ZSE after concluding that the local currency-denominated bourse did not accurately reflect the company's value. The VFEX, by contrast, operates entirely in US dollars and is designed to attract regional and international investors.
Finance Minister Mthuli Ncube, who delivered the keynote address at the listing ceremony in Victoria Falls, described the milestone as a signal to the world about Zimbabwe's direction.
"This demonstrates to the world that Zimbabwe is open for business and our regulatory frameworks are strong. A listing of this scale sends a clear signal to international investors about the depth and maturity of our capital markets," Ncube said. "The listing of Econet InfraCo on the Victoria Falls Stock Exchange signals the maturity of our capital markets and growing investor confidence in Zimbabwe's infrastructure story. Infrastructure remains the foundation of sustainable economic growth."
VFEX chairperson Florence Jambwa said the listing introduced a new dimension to the exchange.
"Infrastructure introduces a new dimension to the Exchange, complementing our existing listings and strengthening our appeal to a broader spectrum of investors," Jambwa said.
The InfraCo valuation of $1 billion reflects an enterprise value multiple of approximately 20 times EBITDA, according to transaction disclosures, and is underpinned by the stability and hard-currency nature of infrastructure earnings. The company's tower portfolio is anchored by a long-term tenancy agreement with Econet Wireless as its primary tenant, providing a predictable base revenue while also allowing the platform to pursue infrastructure sharing with other operators. InfraCo's renewable energy operations initially focus on internal supply but are intended to expand into broader national power projects as the platform scales.
Econet InfraCo chairman Godfrey Gomwe said the company was entering the market from a position of operational strength.
"Econet InfraCo is already operating at scale. We are not building from scratch. Our focus is disciplined execution, strong governance, and unlocking the full value of our assets," Gomwe said. "We offer investors a compelling proposition: yield today, growth tomorrow, and sustained value over time."
The listing ceremony drew participation from government officials, regulators, capital markets leaders and institutional investors. Analysts described the transaction as both a validation of the VFEX's growing stature and a signal that Zimbabwe's largest private sector companies are moving toward more sophisticated capital structures capable of attracting global investors.
The InfraCo spin-off follows a global trend in which mobile operators separate capital-intensive tower and energy infrastructure from higher-growth service operations, creating independent vehicles better suited to attracting infrastructure-focused capital. The model has produced significant value unlocks across Africa and beyond, with IHS Towers, Helios Towers and similar platforms attracting major institutional investment in recent years.
Masiyiwa, who founded Econet Wireless in Zimbabwe in the 1990s after a protracted legal battle to secure an operating licence, built the group into one of the continent's most recognised telecoms and technology empires. The InfraCo listing represents one of the most consequential corporate transactions in the group's history and, by the measure of Zimbabwe's capital markets, one of the most significant deals the country has ever seen.
