Econet Wireless, Zimbabwe’s largest mobile network operator is preparing one of Zimbabwe’s most consequential capital-market transactions, placing a $1 billion valuation on its newly carved-out infrastructure unit, Econet InfraCo, ahead of a planned listing on the Victoria Falls Stock Exchange (VFEX).
The move, if completed, could mark the largest initial public offering in Zimbabwe’s history, reinforcing VFEX’s ambition to position itself as a U.S. dollar-based gateway for offshore capital into southern Africa.
Econet’s $1billion InfraCo valuation
The valuation was disclosed in a circular to shareholders, offering the clearest view yet into the earnings strength and asset base of Econet’s infrastructure portfolio.
Under the proposed structure, InfraCo’s implied valuation of about $1 billion sits alongside Econet Wireless’ own implied market capitalisation of roughly $507 million, highlighting the embedded value of its passive telecoms assets, renewable energy investments and property holdings.
Global trend, local scale
The spin-off mirrors a broader global trend among mobile operators, who are increasingly separating infrastructure from service businesses to unlock value and attract long-term institutional capital.
Econet has expanded on that model by folding its real-estate portfolio into InfraCo, positioning the entity as a diversified infrastructure platform rather than a single-asset tower company.
Econet InfraCo, the infrastructure arm carved out of Econet Wireless Zimbabwe, is expected to list on the VFEX by introduction, meaning no new capital will be raised at the point of listing. Instead, shares will be distributed to existing Econet shareholders, creating an independently valued investment vehicle.
Governance and structure
The transaction is conditional on shareholder approval for Econet Wireless to migrate from the Zimbabwe Stock Exchange’s main board to an over-the-counter market structure.
This framework allows the company to set a minimum share price, a move designed to limit value erosion. The controlling shareholder has been barred from voting on the proposal.
Growth beyond Econet
Strategically, InfraCo is being positioned to grow beyond its anchor relationship with Econet. Its tower business is expected to benefit from long-term, U.S. dollar-denominated lease revenues, while infrastructure sharing presents additional upside.
The power unit, initially focused on internal demand, is projected to scale into a broader energy platform, leveraging Econet’s nationwide site footprint.
Meanwhile, the real-estate arm is targeting developments such as the proposed Econet Industrial Park near Harare’s main airport.
If executed, the transaction would not only reshape Econet’s corporate structure but also establish a $1 billion infrastructure champion on the VFEX—marking a defining moment for Zimbabwe’s evolving capital markets.
