Kasapreko Launches GH¢700m IPO to List on GSE Main Market
Kasapreko PLC has launched an initial public offering (IPO) of up to 583,333,333 ordinary shares at an offer price of GH¢1.20 per share, in a move that will see the company list on the main market of the Ghana Stock Exchange.
The IPO, which opens on May 4, 2026, and closes on June 1, 2026, is expected to raise up to GH¢700 million. The offer has a minimum subscription threshold of GH¢350 million, implying that at least half of the targeted amount must be raised for the transaction to be deemed successful.
The offer is not underwritten, leaving the company exposed to any potential shortfall, which may be financed through bank borrowing or additional issuances under its existing bond programme.
Proceeds from the offer will be directed primarily towards the establishment of a new bottled water and carbonated soft drinks production facility at Adeiso in the Eastern Region. According to the prospectus dated April 30, 2026, approximately 96 per cent of the net proceeds – equivalent to GH¢672.5 million – has been earmarked for the project, with the remaining 3.94 per cent allocated to transaction-related costs.
The public offer comes on the back of strong operational performance. For the first quarter ended March 31, 2026, the company recorded a 55 per cent increase in profit to GH¢73 million, largely driven by a 43 per cent decline in finance costs.
Revenue for the period rose marginally to GH¢853.2 million from GH¢821.9 million recorded in the corresponding period of 2025, reflecting sustained demand across its alcoholic and non-alcoholic beverage segments as well as export markets. Gross profit increased to GH¢221.4 million, while operating profit rose to GH¢124.7 million.
Over the past five years, Kasapreko has recorded strong growth, with revenue expanding at a compound annual growth rate of 40 per cent from GH¢660 million in 2020 to GH¢3.5 billion in 2025. Profit after tax for 2025 stood at GH¢341.8 million, representing a significant turnaround from losses recorded in 2022.
The company currently operates production facilities in Accra and Kumasi, with installed capacity exceeding 150,000 bottles per hour across glass and PET lines.
At the offer price of GH¢1.20 per share, the IPO implies a price-to-earnings ratio of 11.3 times based on projected 2026 earnings, and an enterprise value-to-EBITDA multiple of 5.4 times. These valuations are below peer averages of 13.2 times and 7.6 times respectively for comparable listed beverage firms, including Guinness Ghana Breweries PLC, East African Breweries Limited and Nigerian Breweries Plc.
The IPO marks a significant milestone in the company’s evolution from a privately held entity to a publicly listed firm. Established in 1987 as Quab Gooding Company Limited, the business transitioned into a public limited liability company in June 2023 and subsequently rebranded to Kasapreko PLC in March 2024.
In February 2024, the company established a note issuance programme on the Ghana Fixed Income Market, raising GH¢351 million through two tranches of corporate bonds maturing in 2027 and 2028.
Post-listing, the new shares will rank pari passu with existing shares, with equal rights to dividends, voting and capital distribution. However, dividend payments remain restricted in the near term due to covenants under existing debt instruments.
Under the terms of its outstanding corporate bonds, the company is restricted from declaring dividends for the 2024, 2025 and 2026 financial years. Additionally, a credit agreement with KBC Bank NV imposes further limitations until the facility is fully settled. Management has indicated plans to repay the facility by June 30, 2026.
The offer is structured with a minimum application of 2,000 shares, translating into an initial investment of GH¢2,400, with subsequent applications in multiples of 1,000 shares. There is no upper subscription limit.
Applications are to be submitted through licensed dealing members and authorised agents, with successful applicants to hold shares in dematerialised form via the Central Securities Depository Ghana.
The transaction is being jointly managed by Absa Bank Ghana Limited, Consolidated Bank Ghana Limited and Databank Brokerage Limited, with Databank also acting as sponsoring broker. Legal advisory services are being provided by Bentsi-Enchill Letsa & Ankomah, while KPMG and PricewaterhouseCoopers are serving as reporting accountant and auditor respectively.
The Securities and Exchange Commission Ghana has approved the prospectus, while provisional approval has also been secured from the Ghana Stock Exchange for the listing. Final approval remains subject to the company meeting all listing requirements.
Trading of the shares is expected to commence on June 17, 2026, contingent on the successful completion of the offer.
The company employs over 2,300 staff and exports to multiple markets across West Africa and beyond, including Europe, North America, Asia and the Middle East.
The listing comes at a time of strong performance on the domestic equities market, with the GSE Composite Index recording a 79 per cent year-on-year gain as of December 2025, positioning the exchange among the best-performing in Africa.
The IPO is therefore expected to test investor appetite for new listings, as Kasapreko transitions from a privately held, family-controlled business into a publicly traded company subject to enhanced disclosure and governance requirements.
