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:
|Botswana||Botswana Telecom Ltd (BTCL)||Telecom||Telecom||Q3 2014|
|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|
|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|
- 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!