Kasapreko PLC, a major Ghanaian beverage producer, has initiated an Initial Public Offering (IPO) to raise up to GHS 700 million. The company plans to list 583,333,333 ordinary shares on the main market of the Ghana Stock Exchange (GSE). Each share is priced at GHS 1.20, with the offer period running from May 4, 2026, to June 1, 2026.
This significant capital raise is primarily directed towards expanding Kasapreko's production capabilities. Approximately 96% of the net proceeds, totalling GHS 672.5 million, will finance a new bottled water and carbonated soft drinks facility. This facility will be located in Adeiso, Eastern Region, boosting the company's manufacturing capacity.
The IPO aligns with a period of strong operational performance for Kasapreko. The company saw its profit jump by 55% to GHS 73 million in the first quarter of 2026. This growth was largely due to a 43% reduction in finance costs. Revenue for the same quarter increased to GHS 853.2 million from GHS 821.9 million the previous year. This reflects robust demand across its alcoholic spirits, non-alcoholic drinks, and export markets. Kasapreko’s revenue expanded at a compound annual growth rate of 40% between 2020 and 2025, reaching GHS 3.5 billion.
The company set a minimum subscription threshold of GHS 350 million for the IPO. This means at least half of the target amount must be raised for the offer to be successful. Kasapreko aims to cover any shortfall through bank loans or its existing bond programme. Its prospectus, dated April 30, 2026, details these funding arrangements and the use of proceeds.
Kasapreko's financial indicators suggest a healthy valuation compared to its peers. The offer price of GHS 1.20 per share implies a price-to-earnings (P/E) multiple of 11.3 times based on forecast 2026 earnings. The enterprise value-to-EBITDA (EV/EBITDA) multiple stands at 5.4 times. These figures are below the industry averages of 13.2 times for P/E and 7.6 times for EV/EBITDA. This implies a potentially attractive entry point for investors compared to similar beverage companies like Guinness Ghana Breweries and Nigerian Breweries.
The transition to a public entity marks a notable step for Kasapreko. It started as Quab Gooding Company Limited in 1987, converting to a public company in June 2023. The company officially changed its name to Kasapreko PLC in March 2024. In February 2024, it raised GHS 351 million through corporate bonds on the Ghana Fixed Income Market, maturing in 2027 and 2028.
Investors should note existing dividend restrictions. Kasapreko cannot declare or pay dividends for the 2024, 2025, and 2026 financial years due to covenants on its outstanding corporate bonds. A separate credit agreement with KBC Bank NV also restricts dividend payments until its facility is repaid. The company intends to repay KBC Bank by June 30, 2026. Any 2026 dividend payment would still require a waiver from noteholders.
The minimum application for the IPO is 2,000 shares, requiring an outlay of GHS 2,400. Additional subscriptions must be in multiples of 1,000 shares. Absa Bank Ghana Limited, Consolidated Bank Ghana Limited, and Databank Brokerage Limited are jointly managing the transaction. Databank also serves as the sponsoring broker. The Ghana Stock Exchange has granted provisional approval for listing, with final approval pending fulfilment of all listing requirements. Trading is expected to commence on June 17, 2026, if the offer concludes successfully.