Nigerian property technology company Purple, a real estate investment firm based in Lagos, has announced the opening of its Initial Public Offer (IPO).

Backed by prominent investors, Purple has recorded significant growth with current total assets in excess of ₦26.4 billion in FY2021.

The proceeds from the IPO will be used to expand Purple's existing portfolio by diversifying its new lines of business and geographies to create more inclusive homeownership opportunities for Nigerians across the country.

Leveraging proptech, Purple creates a unique ecosystem of interconnected products offline and in the cloud, with the primary objective of building productive atmospheres that enable social and economic mobility.

This is Purple's first offering available to all investors, and following its completion, the company's shares will be listed on the main market of the Nigerian Exchange (NGX), the regulated market managed by the Nigerian Exchange Group.

The IPO will be open for 25 working days, closing at midnight on December 23, 2022.

Purple was incorporated in 2014, and developed its flagship asset, PurpleMaryland (formerly known as the Maryland Mall), which opened its doors in 2016 and introduced the largest outdoor LED screen in West Africa.