Ghanaian alcohol tycoon Kwabena Adjei's Kasapreko raised $120 million in its IPO and lists on the GSE on Monday

Kasapreko PLC is days away from its debut on the Ghana Stock Exchange, and the investor appetite that greeted its initial public offering suggests Monday's listing under the ticker KPLC could be one of the most anticipated trading sessions the GSE has seen in years.

The beverage manufacturer behind the iconic Alomo Bitters brand closed its IPO subscription window on June 1 having raised GH¢1.4 billion ($120.2 million), exactly double the GH¢700 million ($60.1 million) target it had set when the offer opened on May 4, 2026. It is the largest oversubscription ever recorded by a locally owned manufacturer on the Ghana Stock Exchange, and it leaves thousands of retail and institutional investors holding allotments smaller than what they applied for. That unfulfilled demand is expected to spill directly into the secondary market when trading commences on June 17.

The mechanics of an oversubscribed IPO are straightforward. When investors receive fewer shares than they requested, those who still want their full position will buy additional shares in the open market as soon as they can. Combined with the relative scarcity of manufacturing stocks on an exchange traditionally dominated by banking and telecommunications companies, that demand overhang creates the conditions for a sharp opening session. The offer price was GH¢1.20 ($0.103) per share. Market observers expect the opening price to trade above it.

Kasapreko was founded in 1987 by Dr. Kwabena Adjei, who started the business in a garage in Nungua, a suburb of Accra, with five employees and a determination to build a Ghanaian-owned beverage company that could compete with imported brands. His son Richard Adjei now serves as managing director. The Adjei family retains majority control after the IPO. The board is chaired by independent non-executive director Samuel Leslie Adetola. The company employs more than 2,300 people.

What Dr. Adjei built from that Nungua garage is one of the most recognisable consumer brands in West Africa. Alomo Bitters, the herbal-based alcoholic drink that became Kasapreko's flagship product, is sold across Nigeria, Togo, Burkina Faso, Ivory Coast, Liberia, Sierra Leone and the Gambia, and in diaspora markets across Europe, North America, Asia and the Middle East. The broader portfolio spans bitters, whisky, gin, carbonated soft drinks, bottled water under the Awake brand and energy drinks. Revenue grew from approximately GH¢660 million ($56.7 million) in 2020 to GH¢3.5 billion ($300.4 million) in 2025, a compound growth rate that tells the story of a company expanding consistently across one of West Africa's most competitive consumer markets. First quarter 2026 profit rose 55 percent to GH¢73 million ($6.3 million), driven partly by lower finance costs. Full year 2025 profit was GH¢341.8 million ($29.3 million).

The proceeds from the IPO will fund the construction of a new bottled water and carbonated soft drinks production facility at Adeiso in the Eastern Region, the next stage of a capacity expansion that management has described as central to the company's growth strategy for the rest of the decade. The facility will expand Kasapreko's ability to meet growing domestic and export demand for the Awake water brand and its carbonated drinks range.

Databank, Consolidated Bank Ghana and Absa Bank Ghana served as joint lead managers for the offer. The IPO was not underwritten, meaning Kasapreko bore the risk of a shortfall if subscriptions fell below the GH¢350 million ($30.0 million) minimum threshold. As it turned out, the market's appetite far exceeded what management had planned for. At GH¢1.4 billion ($120.2 million) in subscriptions, the question was never whether the offer would succeed. It was how the allotment process would be managed when demand was twice the supply.

Investors who secured allocations during the IPO period and hold their shares through the listing will find out on June 17 what the market thinks Kasapreko is worth above its GH¢1.20 ($0.103) offer price. The GSE Composite Index surged 79 percent year-on-year as of December 2025, making it one of Africa's best-performing markets. Kasapreko's listing arrives into that momentum as the most anticipated new entrant the exchange has seen from the manufacturing sector in recent memory.