Kenyan IT firm Seven Seas plans IPO in 2017

IT firm Seven Seas Technologies has pushed back its initial public offering until 2017 to allow it time to tap new countries in Africa and reduce its reliance on its home market.

CEO Mike Macharia, who founded the company 14 years ago, said Seven Seas aims to generate 50 per cent of annual revenue from Kenya by the time it goes public, compared to 80 per cent at present, and the rest from other African markets.