Ghanaian Liquor tycoon Kwabena Adjei moves to list Kasapreko PLC on the Ghana Stock Exchange with $62 million IPO

Kasapreko PLC, the Ghanaian beverage company behind the Alomo Bitters brand, has launched a GH¢700 million ($43.75 million) initial public offering on the Ghana Stock Exchange as it seeks to fund the construction of a new production facility and transition from a family-controlled private enterprise into one of the country's publicly listed consumer companies.

The offer opened on May 4, 2026 and runs until June 1, with trading on the GSE main market expected to begin on June 17, subject to the offer being successfully concluded. The company is offering up to 583,333,333 ordinary shares at GH¢1.20 per share.

There is a floor: the offer will only be declared successful if it raises at least GH¢350 million ($21.9 million), which is 50% of the target. The offer is not underwritten, meaning if subscriptions fall short of the minimum, Kasapreko would need to plug the gap through bank loans or additional bond issuance under its existing programme. That structure puts the execution risk squarely on the company's own balance sheet.

Where the money is going

Almost all of the net proceeds are earmarked for a single purpose. Approximately 96% of the GH¢700 million raised, amounting to GH¢672.5 million, will fund the construction of a new bottled water and carbonated soft drinks production facility at Adeiso in the Eastern Region. The remaining 3.94% covers the cost of the IPO itself: advisory fees, regulatory charges, capital duty and related expenses.

The Adeiso factory represents Kasapreko's bet that demand for non-alcoholic beverages in Ghana and its West African export markets can absorb a significant expansion of production capacity. The company currently operates facilities in Accra and Kumasi capable of packaging more than 150,000 bottles per hour across glass and PET lines. The new plant would add to that capacity.

What the numbers say

The IPO comes off a period of strong performance. In Q1 2026, Kasapreko posted a profit of GH¢73 million, a 55% jump year-on-year, driven primarily by a 43% reduction in finance costs as the company managed its debt more efficiently. Revenue edged up to GH¢853.2 million from GH¢821.9 million a year earlier, with gross profit rising to GH¢221.4 million and operating profit reaching GH¢124.7 million.

The full-year 2025 profit came in at GH¢341.8 million, a dramatic recovery from a loss the company posted in 2022. Between 2020 and 2025, Kasapreko's revenue grew at a compound annual rate of 40%, rising from GH¢660 million to GH¢3.5 billion ($218.75 million). That growth rate is exceptional for a consumer goods company operating in an economy that went through a severe debt crisis and currency depreciation during the same period.

At the offer price of GH¢1.20, the implied price-to-earnings multiple is 11.3 times based on forecast 2026 earnings, and the enterprise value-to-EBITDA ratio is 5.4 times. Both metrics sit below the peer average of 13.2 times P/E and 7.6 times EV/EBITDA for comparable listed beverage companies including Guinness Ghana Breweries, East African Breweries and Nigerian Breweries. That discount to peers gives the offer a built-in valuation argument for investors.

The dividend restriction investors need to know

One significant constraint will register with income-seeking investors. Under the terms of Kasapreko's outstanding corporate bonds, the company is prohibited from declaring and paying dividends for the 2024, 2025 and 2026 financial years. A credit agreement with KBC Bank NV also restricts dividend payments until that facility is fully repaid, which the company is targeting by June 30, 2026. Any dividend for 2026 would require a noteholder waiver and full discharge of the KBC facility first. New shareholders buying into the IPO should not expect income distributions in the short term.

Who owns Kasapreko

The company was founded in 1987 as Quab Gooding Company Limited by Dr Kwabena Adjei, who built it from minimal capital into one of Ghana's most recognisable beverage manufacturers over nearly 4 decades. Alomo Bitters, the bitter herbal drink at the centre of the brand, is sold across West Africa and in diaspora markets in Europe, North America and the Middle East.

Before the IPO, 100% of the company sits in Pinnacle Holding Company Limited, owned in equal 20% shares by 5 individuals: Abigail Adjei, Emelia Adjei, Eunice Adjei, Isaac Adjei and Richard Adjei. Richard Adjei serves as managing director. The company converted from a private limited liability company to a public company in June 2023 and formally renamed itself Kasapreko PLC in March 2024.

In February 2024, Kasapreko established a note programme on the Ghana Fixed Income Market, raising GH¢351 million through 2 series of corporate bonds maturing in 2027 and 2028. The IPO follows naturally as the next step in the company's transition toward a fully public capital structure.

The GSE backdrop is favourable. The Ghana Stock Exchange Composite Index surged 79% in the year to December 2025, making it one of Africa's best-performing markets. Whether that momentum holds through June, and whether Kasapreko's mix of strong growth, discounted valuation and production expansion story is compelling enough to attract at least GH¢350 million in subscriptions, will be answered before the offer closes.