• Kasapreko will offer up to 25% of its equity by end-2025 in Ghana’s first IPO since MTN.

• The move aims to diversify financing and increase investor interest in local markets.

• Kasapreko’s revenue hit $256M in 2024, with strong growth continuing in early 2025.

Kasapreko Company Limited, a local drinks manufacturer, has confirmed its plans to go public by the end of 2025. Once accomplished, this move will energize Ghana’s stock market, which has not experienced a true IPO since that of MTN seven years ago.

Ghana’s Stock Exchange (GSE) is set to register its first conventional Initial Public Offering (IPO) in seven years. The announcement was made by Kasapreko Company Limited, which plans to offload up to 25% of its equity to the public by the end of 2025.

This will mark the first conventional IPO since MTN Ghana’s $238.5 million offering in 2018. Since then, numerous companies have joined the Ghana Stock Exchange via alternative mechanisms like direct listing, circumventing standard regulatory procedures set for an IPO. Kasapreko’s proposed tactic aligns with established legal frameworks and could reignite investor interest in Accra’s financial market.

Richard Adjei, CEO of Kasapreko, discussed the plan during a GSE session. He explained that this decision arises from the need to diversify the company’s financing. He said, “The company is pursuing an 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.”

GSE’s Chief Executive, Abena Amoah, lauded this initiative for its market mobilization potential. She also voiced hope that other businesses, including public entities, would consider stock market listings in the near future.

In 2024, Kasapreko achieved a 45% growth in revenue, reaching 2.7 billion cedis ($256 million), thanks to local and export sales. Its net profits surged 574% year-on-year. This growth continued in the first quarter of 2025, with a 52% increase in revenue and a 184% hike in post-tax profits. These results are credited to cost optimization and robust sales performance.

Founded in 1989, the company holds around 45% of Ghana’s drinks market and operates in 14 African countries. Gradually integrating the entire value chain of the sector, it has expanded into B2B services, which strengthens its position in the region.

In February 2024, it raised 600 million cedis through an issuance of unsecured bonds in Ghana’s fixed income securities market (GFIM), to support its working capital and refinance investment expenses.

Analysts believe this IPO could boost Ghana’s financial market and pave the way for new listings. It also represents a potential lever for local firms looking to raise public capital.

Institutionally, this initiative could increase market depth and liquidity. Furthermore, it may contribute to the implementation of better corporate governance practices through increased transparency requirements. Finally, it could support government efforts to formalize the economy and diversify private sector financing sources.