Myanmar's social media platform planning a London IPO

Myanmar’s social media platform – and the only one that uses the local Burmese language — is planning an initial public offering on London’s AIM exchangeMySquar plans to raise US$2.5m when it floats in spring 2015, assuming a valuation of US$25M.  The Burmese-language social media platform expects to have more than 460,000 users on its free “MyChat” app (a local rival to the insanely popular WhatsApp) by the end of March, and hopes to triple their customer base by the end of 2015.  The price of SIM cards in Myanmar has dropped precipitously, from $1,000 in 2013 to as low as $1.50 today, while foreign network operators are working overtime to improve capacity.  Mobile phone penetration in Myanmar is expected to reach 75-80%, equivalent to 46m-49m users.

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