Kasapreko PLC formally opened its initial public offering (IPO) on Monday, marking one of the most consequential transactions on Ghana’s capital market in nearly a decade and giving both institutional and retail investors their first opportunity to buy into one of the country’s most recognised consumer brands.
The offer, which opened on May 4, 2026, and closes on June 1, 2026, seeks to raise up to GH₵700 million through the sale of up to 583,333,333 ordinary shares at GH₵1.20 each, with listing on the main market of the Ghana Stock Exchange (GSE) to follow.
The minimum subscription threshold is set at GH₵350 million, meaning the offer will only be declared successful if at least half of the targeted amount is raised. The offer is not underwritten, leaving Kasapreko to cover any shortfall through bank loans or further issuances under its existing bond programme.
Nearly all of the proceeds are earmarked for a single project. The Adeiso Industrial Park in the Eastern Region will house three fully automated manufacturing plants, two dedicated water production lines and one carbonated soft drinks line, designed to significantly expand production capacity and reduce logistics costs.
The company enters the public market from a position of financial strength. In the first quarter ended March 31, 2026, Kasapreko delivered a 55 percent jump in profit to GH₵73 million, driven by a 43 percent reduction in finance costs, while revenue edged up to GH₵853.2 million from GH₵821.9 million a year earlier. Over a longer horizon, revenue expanded at a compound annual growth rate of 40 percent between 2020 and 2025, rising from GH₵660 million to GH₵3.5 billion, with profit for 2025 surging to GH₵341.8 million, a dramatic recovery from the loss posted in 2022.
The offer price of GH₵1.20 per share implies a price-to-earnings multiple of 11.3 times based on forecast 2026 earnings and an enterprise value-to-earnings before interest, taxes, depreciation, and amortisation (EBITDA) multiple of 5.4 times, both below the peer averages of 13.2 times and 7.6 times respectively across comparable listed beverage companies including Guinness Ghana Breweries, East African Breweries, and Nigerian Breweries.
Prospective investors should note a significant near-term restriction. Under the terms of its outstanding corporate bonds, Kasapreko is prohibited from declaring or paying dividends for the 2024, 2025, and 2026 financial years. A credit agreement with KBC Bank NV also restricts dividend payments while amounts remain outstanding, with the company stating its intention to discharge those obligations by June 30, 2026.
The IPO marks a significant transition for a company that began as a private limited liability company in 1987 under the name Quab Gooding Company Limited, converted to a public company in June 2023, and adopted the Kasapreko PLC name in March 2024.
The transaction will be Ghana’s first conventional IPO since MTN Ghana’s $238.5 million offering in 2018, a milestone that market observers say could encourage further corporate listings and deepen liquidity on the GSE.
The minimum application is 2,000 shares, requiring an initial outlay of GH₵2,400, with additional subscriptions accepted in multiples of 1,000 shares and no upper limit on participation.
