By 
By Ross Moyo
Econet InfraCo is now trading about 31 percent below its US$1 billion introduction reference on the Victoria Falls Stock Exchange (VFEX), but the market correction masks a broader value unlock for Econet shareholders compared to the pre-restructuring valuation.
InfraCo listed by introduction on March 31 at about 33 cents per share. It now trades at about 22.79 cents, according to VFEX data — a market adjustment of about 31 percent, or roughly US$309 million, from the reference valuation. The counter was already trading around 22.7 cents at the end of July, indicating the price discovery occurred within four months of listing and has since stabilised around current levels.
The context of that US$1 billion is critical. It was a listing by introduction, meaning no new capital was raised. It was a reference valuation assigned to unlock value trapped in Econet’s legacy structure.
From US$239m To Over US$900m In Combined Shareholder Value
Before the restructuring, Econet Wireless Zimbabwe was trading at about 8 US cents on the Zimbabwe Stock Exchange, valuing the entire group — active network, towers, energy and property — at approximately US$239 million on revenue of US$779 million in 2025.
The board argued that the Zimbabwe dollar-based ZSE could no longer price a US dollar infrastructure asset accurately. Shareholders voted in February to terminate the 28-year ZSE listing and move to a US dollar market.
The transaction split the business into two distinct companies along global telecoms lines:
– Econet Wireless Zimbabwe: Retains the active intelligent network, spectrum, licences and services — now carrying more than 82 percent of Zimbabwe’s internet and data traffic and about 88 percent of voice traffic.
– Econet InfraCo: Holds passive infrastructure — telecoms towers, renewable energy systems and property — now operating as a standalone TowerCo that leases space and power back to operators.
As part of the unbundling, 25 percent of InfraCo, worth about US$250 million at the reference price, was distributed to existing Econet shareholders as a dividend in specie, meaning shareholders received InfraCo shares directly. Shareholders who elected to exit the new structure received US$24.3 million in cash and 143.2 million InfraCo shares valued at US$47.2 million.
Even at its current price of 22.79 cents — implying a market capitalisation of about US$691 million — InfraCo alone is nearly three times the US$239 million valuation the market gave the entire Econet group before the split. Combined with the current value of Econet Wireless Zimbabwe on the VFEX, total shareholder value remains significantly higher than pre-restructuring levels.
Why The Market Adjusted
Analysts and company insiders point to two factors for the adjustment from 33 cents:
1. Introduction price versus traded price: The US$1 billion was a board reference, not a market-discovered market cap. A correction after a listing by introduction is expected.
2. Passive versus active value: InfraCo is a long-term annuity business based on tower and property rentals, while higher growth upside in AI, fintech and enterprise services sits in Econet Wireless and Cassava Technologies.
Econet Global, associated with Strive Masiyiwa, controls roughly 47.5 percent of Econet Wireless Zimbabwe. Because Econet Wireless retained 70 percent of InfraCo at spin-out, Masiyiwa retains an indirect interest of about a third in InfraCo.
Forbes valued Masiyiwa at US$2.2 billion at end-March and US$2.1 billion currently, with the movement tracking the InfraCo market correction rather than operating performance.
Finance Minister Prof. Mthuli Ncube described the March listing as the largest initial listing in Zimbabwe’s history and the 16th equity on the VFEX.
While InfraCo trades at around 22 cents on the VFEX, the broader technology empire is expanding outside Zimbabwe. In April, Econet Global launched Econet AI as a standalone unit offering commercial AI services including Cassava AiCloud on Nvidia processors at the Cassava AI Factory in South Africa. This month, Cassava Technologies agreed with Vodafone Business to build what the parties describe as Egypt’s first AI factory.
The InfraCo share price therefore tells only one part of the Econet value story — a normal market correction on the passive infrastructure arm following a restructuring that unlocked hundreds of millions in previously trapped value.
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