Kasapreko PLC, the Ghanaian beverage manufacturer behind the iconic Alomo Bitters brand, has launched an initial public offering (IPO) of up to 583,333,333 ordinary shares at an offer price of GH¢1.20 per share, in a move that will see the company list on the main market of the Ghana Stock Exchange (GSE).
The IPO, which commences on May 4, 2026, and closes on June 1, 2026, aims to raise up to GH¢700 million.
The minimum subscription threshold has been set at GH¢350 million, meaning the offer will only be declared successful if at least half of the target amount is raised. The offer is not underwritten, leaving the company to shoulder any shortfall through bank loans or further note issuance under its existing bond programme.
Proceeds from the offer will be directed almost entirely toward the construction of a new bottled water and carbonated soft drinks production facility at Adeiso in the Eastern Region.
According to the prospectus dated April 30, 2026, roughly 96 per cent of the net proceeds, amounting to GH¢672.5 million, have been earmarked for the new factory, with the remaining 3.94 per cent covering the costs of the IPO itself, including advisory fees, regulatory charges and capital duty.
The offer comes at a time of strong operational momentum for Kasapreko. In the first quarter ended 31 March 2026, the company delivered a 55 per cent jump in profit to GH¢73 million, driven by a sharp 43 per cent reduction in finance costs.
Revenue for the quarter edged up to GH¢853.2 million from GH¢821.9 million a year earlier, reflecting resilient demand across its spirits, non-alcoholic drinks and export portfolios. Gross profit rose to GH¢221.4 million, while operating profit climbed to GH¢124.7 million.
The company’s rapid growth over the past five years provides the backdrop for the public offer. Revenue expanded at a compound annual growth rate of 40 per cent between 2020 and 2025, rising from GH¢660 million to GH¢3.5 billion.
Profit for 2025 surged to GH¢341.8 million, a dramatic recovery from the loss posted in 2022. Kasapreko now operates production facilities in Accra and Kumasi, with capacity to package over 150,000 bottles per hour across glass and PET lines.
The offer price of GH¢1.20 per share implies a price-to-earnings multiple of 11.3 times based on forecast 2026 earnings, and an enterprise value-to-EBITDA multiple of 5.4 times. These multiples sit below the peer average of 13.2 times for P/E and 7.6 times for EV/EBITDA across comparable listed beverage companies including Guinness Ghana Breweries, East African Breweries and Nigerian Breweries.
The IPO marks a significant transition for a company that began as a private limited liability company in 1987 under the name Quab Gooding Company Limited. It converted to a public company in June 2023 and changed its name to Kasapreko PLC in March 2024.
The company also established a note programme on the Ghana Fixed Income Market in February 2024, raising GH¢351 million through two series of corporate bonds that mature in 2027 and 2028.
Existing shares are held entirely by Pinnacle Holding Company Limited, which is owned in equal parts by five individuals: Abigail Adjei, Emelia Adjei, Eunice Adjei, Isaac Adjei and Richard Adjei. None of the directors currently hold any shares in the company.
Following the IPO, the offer shares will rank equally with existing shares in all respects, including the right to dividends, voting at general meetings and participation in any surplus asset distribution upon winding up.
Investors will need to take note of the company’s dividend restrictions. Under the applicable pricing supplements for its outstanding corporate bonds, Kasapreko 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 while any amounts remain outstanding under that facility. The company has stated its intention to discharge its obligations to KBC Bank by 30 June 2026. Any dividend payment for 2026 would therefore require a waiver from noteholders and full satisfaction of the KBC facility.
The IPO has been structured with a minimum application of 2,000 shares, requiring an initial outlay of GH¢2,400, with additional subscriptions in multiples of 1,000 shares thereafter. There is no maximum subscription limit.
Applications must be submitted through licensed dealing members or authorised application agents listed in the prospectus, and all successful applicants will hold their shares in dematerialised form through the Central Securities Depository.
The transaction is being jointly managed by Absa Bank Ghana Limited, Consolidated Bank Ghana Limited and Databank Brokerage Limited, with Databank also acting as sponsoring broker. Legal advice has been provided by Bentsi-Enchill, Letsa & Ankomah, while KPMG serves as reporting accountant and PricewaterhouseCoopers as auditor. The Central Securities Depository will act as registrar.
Provisional approval has been obtained from the Ghana Stock Exchange for the listing of both the offer shares and the company’s existing shares. Final approval remains subject to the company fulfilling all listing requirements.
The Securities and Exchange Commission has reviewed and approved the prospectus. Trading on the Ghana Stock Exchange is expected to commence on June 17, 2026, subject to the offer being successfully concluded.
The company’s board is chaired by Samuel Leslie Adetola, an independent non-executive director, and includes managing director Richard Adjei, founder Dr Kwabena Adjei, and four other independent or non-executive directors.
Kasapreko employs over 2,300 people and exports its products to markets including Nigeria, Togo, Burkina Faso, Ivory Coast, Liberia, Sierra Leone, Gambia and beyond to Europe, North America, Asia and the Middle East.
For prospective investors, the offer represents a chance to buy into one of Ghana’s most recognisable homegrown beverage companies at a time when the Ghanaian capital market has been delivering exceptional returns.
The GSE Composite Index surged 79 per cent year-on-year as of December 2025, making the exchange one of Africa’s best-performing markets. Whether Kasapreko can maintain its growth trajectory while managing the transition from a private family-controlled enterprise to a publicly accountable company will be the question that shapes its fortunes on the bourse.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.