Naspers, Africa’s largest company by market capitalization, is aiming for a European initial public offering later this year in the form of a new entity that includes the company’s global online assets outside of South Africa.

Naspers has decided to split itself in two, adding a company that consists of Naspers’ internet assets outside of South Africa, to be named Prosus. The remaining South African assets will keep the Naspers name, according to a press release.

Prosus majority-owned by Naspers

Naspers is expected to retain 75 percent ownership of Prosus, which is set to have a main listing on the Euronext and a secondary listing in Johannesburg, DailyMaverick reports.

Naspers was inspired by the translation of the Latin word prosus, which means “forwards”.

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If successful, the $100 billion IPO could make the company largest consumer internet group in Europe.

Naspers is the South African consumer tech giant and investor that invested $36 million in Chinese investment holding company Tencent in 2001. That 31 percent stake is now worth $128 billion.

The stake in Tencent is expected to be included as part of Prosus among other global assets in online classifieds, food delivery, payments and fintech, e-retail, travel, education, and social and internet platforms, according to ITWebAfrica.

Naspers has transformed itself from a newspaper publisher into a media and internet giant with a market capitalisation of R1.5 trillion. Listing a portion of its e-commerce ventures on Euronext will create Europe’s largest listed internet group: Reuters.

— Sure Kamhunga (@SKamhunga) March 26, 2019

Naspers investors will vote on the listing on Aug. 23 and will be able to choose between Prosus stock and additional shares in Naspers. Naspers will have a 75 percent stake in the new company.

This could mean that a South African company would be the majority shareholder in the largest consumer internet group in Europe, Techcentral reports.

The listing in Amsterdam was originally scheduled for July, but an issue with important information not reaching shareholders in time forced Naspers to delay the listing to September.

South Africa's @Naspers plans to list Prosus, its global consumer internet group, on Euronext Amsterdam along with a secondary, inward listing on the Johannesburg Stock Exchange (JSE) in South Africa on Wednesday, September 11, 2019.

— Techloy (@techloy) July 22, 2019

Naspers, which is listed on the Johannesburg and London Stock Exchanges, has stakes in around 45 technology and media companies around the world.