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The subscription window for Kasapreko PLC's initial public offering closed on June 1, marking the end of a nearly month-long offer that put one of Ghana's most recognisable consumer brands in front of the investing public for the first time in its nearly four-decade history.
The company behind Alomo Bitters ran the offer from May 4 to June 1, seeking to raise up to GH¢700 million (approximately $43.75 million) by selling up to 583.3 million ordinary shares at GH¢1.20 each on the main market of the Ghana Stock Exchange. Databank is serving as lead manager.
As the deadline arrived, investment platform IC Wealth confirmed the close in a notice to clients. "The Kasapreko IPO is closed and the subscription window has ended," it said, adding that investors are now waiting on allotment results before the company proceeds to listing. The platform had urged last-minute subscribers in the days before the close to use Mobile Money rather than bank transfers, citing processing time concerns.
The offer carries a floor. It will only be declared successful if Kasapreko raises at least GH¢350 million, half the stated target. The offer is not underwritten, which means if subscriptions fall short, the company carries the risk itself and would need to draw on bank loans or further issuances under its existing corporate bond programme to bridge any gap. Proceeds from the offer, if successful, are earmarked almost entirely for a new bottled water and carbonated soft drinks manufacturing facility at Adeiso in the Eastern Region.
The Securities and Exchange Commission has approved the prospectus, and Ghana Stock Exchange provisional approval has been granted for the listing of both the offer shares and the company's existing stock. Trading is expected to commence on June 17, subject to the offer being successfully concluded and all listing requirements being met. The company will list under the ticker KPLC.
Kasapreko's debut on the GSE comes on the back of a strong run for Ghanaian equities. The GSE Composite Index surged 79 percent in 2025, one of the strongest performances on the African continent. The most recent IPO before Kasapreko was ZEN Petroleum Holdings, which listed on April 22, 2026 after raising GH¢640 million in an offer that was oversubscribed, providing a reasonably encouraging precedent for investor appetite on the exchange.
The company itself has shown sharp earnings momentum. Full-year 2025 profit came in at GH¢341.8 million, a dramatic recovery from the prior year. In the first quarter of 2026, Kasapreko posted a profit of GH¢73 million, a 55 percent jump year-on-year, driven primarily by a 43 percent reduction in finance costs as the company managed its debt more efficiently. Revenue has grown from GH¢945 million to GH¢3.5 billion over the past five years.
Despite the earnings recovery, prospective investors were flagged to a dividend restriction. Under the terms of outstanding corporate bonds Kasapreko issued on the Ghana Fixed Income Market in February 2024, the company is prohibited from declaring dividends for the 2024, 2025 and 2026 financial years. A credit agreement with KBC Bank NV also restricts distributions until that facility is fully repaid, which the company is targeting by June 30, 2026. New shareholders buying into the IPO should not expect income distributions in the near term without a noteholder waiver and full debt clearance.
Kasapreko was founded in 1987 by Dr. Kwabena Adjei, who built the company from modest capital into one of Ghana's most recognisable indigenous manufacturers across beverages, bitters, whisky, gin, carbonated soft drinks and bottled water. The Adjei family owns 100 percent of the company through a holding structure and will retain majority control after the offer. The company employs more than 2,300 people and exports to Nigeria, Togo, Burkina Faso, Ivory Coast, Liberia, Sierra Leone, the Gambia, and markets in Europe, North America, Asia and the Middle East.
Managing director Richard Adjei leads operations. The board is chaired by independent non-executive director Samuel Leslie Adetola.
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