Upcoming Africa IPO Calendar 2014

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While the upcoming Alibaba IPO has been dominating news headlines, IPO activity in Africa is also set to heat up in 2014. In the African frontier markets that we cover on our dashboard, there have already been two IPOs this year: Mega African Capital in Ghana and Seplat, which dual-listed in both Nigeria and London.

In growing markets, IPOs present a unique opportunity for frontier investors to get into some of the strongest companies available in a frontier market. Unfortunately, data about upcoming African IPOs can be hard to find, which is why we have compiled a list of known IPOs that have a good chance of happening in 2014. While there are a number of companies that have been slated for an IPO in “the next three years”, we decided to focus in on the companies listing this year.

Here is the list of upcoming African IPOs in frontier markets:

COUNTRY COMPANY SECTOR INDUSTRY TARGET DATE NOTES
Botswana Botswana Telecom Ltd (BTCL) Telecom Telecom Q3 2014
Cameroon none
Cote D’Ivoire none Privatization expected, see below
Gabon none Siat Gabon IPO’d in 2013
Ghana Agricultural Development Bank Financials Banks End of 2014 In discussions
Ghana Mega African Capital Financials Diversified Financials Q2 2014 IPO’d April 23, 2014
Ghana Vanguard Assurance Co Financials Insurance Q2 2014 Delayed
Kenya APA Financials Insurance End of 2014
Kenya Family Bank Financials Banks End of 2014 Delayed since 2011
Kenya Nairobi Securities Exchange Financials Diversified Financials Q2 2014 Aiming to list by 30 June 2014
Malawi Malawian Airlines Industrials Transportation
Mauritius none
Nigeria Seplat Q2 2014 Dual listed in Ldn
Rwanda MTN Rwanda Telecom Telecom Q2 2014 Original target Q1 2014
Tanzania Swala Energy Energy Energy Q1 2014 On the Enterprise & Growth Market board
Uganda Crane Bank Financials Banks Q2 2014 Original target April 2014
Zambia Meanwood Group Financials Diversified Financials End of 2014 In discussions
Zambia Zamtel Telecom Telecom End of 2014 In discussions
Zimbabwe Zimbabwe Stock Exchange Financials Diversified Financials End of 2014 Original target end of 2013

Notes

  • Financials and telecommunication companies are dominating the IPO calendar in 2014
  • While Cote D’Ivoire has nothing firmly set for 2014, the government is looking at privatizing 15 different companies in the next few years and listing them on the local exchange
  • IPOs are routinely delayed past dates set at press conferences or in interviews; it is very likely that a few of these companies will not IPO in 2014, especially if indices are not performing well

Please let us know if we are missing any information and we will add it in. Happy IPO investing!

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