GSE set for first IPO since 2018
By Ebenezer Chike Adjei NJOKU & Kingsley Webora TANKEH
The Ghana Stock Exchange (GSE) is on course to record its first Initial Public Offering (IPO) in seven years, as indigenous beverage manufacturer Kasapreko Company Limited has confirmed plans to list on the main bourse by end of the year.
The listing will mark a significant milestone for the local bourse, which has not seen an IPO since telecommunications firm MTN Ghana raised US$238.5million in 2018.
While the exchange has seen listings by introduction during the period, Kasapreko’s proposed public offering will be the first traditional IPO since 2018. The company intends to float as much as 25 percent of its shares, opening a pathway for public ownership in one of Ghana’s most prominent manufacturing brands.
Kasapreko Managing Director Richard Adjei disclosed the plan during a ‘Facts Behind the Figures’ session held at the GSE in Accra. He noted that the IPO forms part of a broader strategy to optimise the company’s capital structure as it positions itself for regional growth and market diversification.
“The company is pursuing the optimal mix of debt and equity to support its expansion both domestically and across the African continent. This will allow us to deepen stakeholder engagement and broaden our access to long-term capital,†Mr. Adjei said.
The announcement comes on the back of strong financial performance. Kasapreko posted a profit after tax of GH¢137.7million in 2024, up from GH¢20.4 million in 2023 – representing a year-on-year growth of 574 percent. Revenue for the same period grew by 45 percent to GH¢2.7billion, driven by strong domestic sales and rising demand in export markets.
The company’s momentum has continued into 2025. For the first quarter Kasapreko reported a net profit of GH¢47.2million compared with GH¢16.6million in Q1 2024, while revenue increased by 52 percent year-on-year. According to management, this performance reflects sustained volume growth, improved operational efficiency and disciplined cost management.
Kasapreko currently holds approximately 45 percent of the local beverage market and operates in 14 African countries. Management has indicated that proceeds from the IPO will be used to consolidate its position in Ghana, expand its product portfolio into food and related segments and deepen its footprint across the continent.
Last year, the company successfully raised GH¢350million under a GH¢600million Senior Unsecured Fixed Rate Notes programme on the Ghana Fixed Income Market (GFIM), the debt segment of GSE. The bond issuance attracted strong interest from institutional investors and was seen as a vote of confidence in the company’s fundamentals.
Managing Director-GSE Abena Amoah welcomed Kasapreko’s listing plans, describing them as the outcome of sustained engagement and strategic alignment between the exchange and private sector stakeholders.
“This is a significant development for Ghana’s capital market. Bringing a company of Kasapreko’s scale and reputation to the main bourse underscores the exchange’s maturity and the opportunity it offers for long-term growth financing,†Ms. Amoah said.
“We are optimistic that this will encourage more large companies, including state-owned enterprises, to consider listing,†she added.
She also referenced positive assurances made by President John Dramani during a visit to GSE a month ago, when he reaffirmed government’s commitment to supporting capital market development and broadening public participation in the ownership of state-owned enterprises.
The broader market has responded favourably to recent developments on the market. The GSE Composite Index has recorded a four-week gain of 7.92 percent and a year-to-date increase of 33.39 percent.
Analysts say Kasapreko’s IPO has the potential to reinvigorate GSE and trigger a new wave of listings, particularly from the manufacturing and consumer goods sectors, which have traditionally been underrepresented on the bourse. It could also set a precedent for successful indigenous companies to tap into public capital for growth, while offering Ghanaians an opportunity to invest in businesses with proven track records.
If successful, the listing will also enhance the exchange’s depth and liquidity, improve corporate governance standards through increased disclosure and support government efforts to formalise and diversify the economy.
Kasapreko was founded in 1989 and has grown into one of Ghana’s largest beverage producers, with a portfolio that includes alcoholic and non-alcoholic products. The company has established significant export markets in West, East and Southern Africa and continues to invest in technology and supply chain infrastructure to meet growing demand.
The company has yet to announce its final offer price, valuation or the timeline for regulatory approvals. However, market observers expect further details to emerge in the coming months ahead of the formal IPO launch.
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