South African technology conglomerate Naspers and its Amsterdam-listed subsidiary, Prosus, have unveiled plans for further initial public offerings (IPOs) in the next 18 months, building on the momentum of Swiggy’s successful listing in India last month. The announcement accompanies a robust financial performance, with Naspers’ half-year core headline earnings rising by 74% to $1.5 billion, while Prosus reported $3.5 billion, up from $2 billion in the same period last year.
Naspers, a majority shareholder in Prosus, emphasised its strategy to deepen its foothold in India’s burgeoning technology sector. The group aims to list key investments, including the fintech giant PayU, social commerce platform meesho, and Bluestone, an online jewellery retailer. Additionally, seafood supply chain company Captain Fresh was highlighted as a future prospect for public listing.
The company’s portfolio spans various high-growth sectors, encompassing food delivery services such as Brazil’s iFood and Delivery Hero, online marketplaces like OLX, education technology firms including SkillSoft and Stack Overflow, and financial technology platforms such as PayU. The planned listings underscore Prosus’ ambition to capitalise on India’s dynamic e-commerce ecosystem while accelerating growth across its global operations.
In a call with analysts, Naspers and Prosus CEO Fabricio Bloisi outlined ambitious targets for the financial year ending March 2025, forecasting adjusted earnings of $400 million, a significant leap from $38 million in the previous year. Revenue is projected to reach $6.2 billion, driven by sustained growth across e-commerce, fintech, and food delivery verticals. Prosus’ e-commerce business, which reported adjusted EBIT of $181 million in the first half of the year compared to a loss of $36 million previously, was singled out as a major contributor to profitability.
Ervin Tu, Prosus’ Chief Investment Officer, expressed confidence in the scalability of the firm’s investments, describing India as a critical market for future expansion. While the next 18 months will focus on marquee IPOs, Tu hinted at a broader pipeline of potential listings in India beyond this timeline.
The group’s interim results also highlighted a 23% rise in revenue to $3.4 billion, underpinned by a 26% increase in consolidated e-commerce revenue to $3 billion. Adjusted EBIT for continuing operations swung to a profit of $36 million, reversing a $121 million loss from the previous year, as the e-commerce division achieved profitability for the first time.
Naspers’ strategic partnership with Tencent, through its 24.3% stake in the Chinese software and gaming giant, continues to provide a solid foundation for the group’s financial performance. However, the spotlight remains firmly on its expanding e-commerce ventures, which are increasingly driving shareholder value and reshaping its investment portfolio.
