Chinese phone giant, Transsion, let out to the world that it was going public back in March, when they filed an application for an Initial Public Offer. They have in the past week received the green light according to an announcement on the Shanghai Stock Exchange.

Transsion is Africa’s largest seller of phones where they are present as a couple of different sub-brands namely:

TECNO
Infinix
itel
Oraimo
Carlcare and
Synix

The company is looking to raise 3.01 Billion Yuan which is roughly $437 Million by offering 80 million shares. The money will be used to fund six projects for the production and development of mobile phone and internet systems.

Its focus on affordable handsets is what has steered the company into great heights in the African scene. According to a report by Counterpoint Research, over 70% of the smartphones sold in Africa and the Middle East during the first quarter of 2019 were priced around the $150 segment. And it is around and below the $150 mark where TECNO and Infinix’s focus is.

Last year Transsion in Africa commanded a 34.3% smartphone market share, followed by Samsung Electronics with 22.6 per cent and Huawei Technologies with 9.9 per cent. In the feature phones category, they commanded 58.7%. This is according to data from IDC Report.