We provided you with a 2014 IPO calendar last year; unfortunately, only 2 companies IPO’d subsequent to the post. This implies a 15% accuracy rate for African IPOs. That unfortunately, is par for the course and no different than previous years.
The 2015 AFRICA IPO Calendar below will likely be as inaccurate as the 2014 list, but it does give you a few things to watch out for. As an aside, we would be fairly bullish on any company that lists in Africa within the first estimate it provides. That seems to be rarer than the White Rhino in Africa.
2014 was actually a great year for African IPOs. 24 companies listed across Africa (including markets we do not cover) and 30 are expected to IPO in 2015 according to Baker Mackenzie. We are far less optimistic on the IPO front for Africa this year, and would expect it at best, to equal 2014 in terms of gross issuance. We are fairly certain there is a near-perfect correlation between African IPO estimates and Kickstarter companies’ estimate of when they will be able to deliver their product. If you are interested in how 2014 shaped up to be, this inaugural PwC publication is pretty good.
There are several exchanges that have announced optimistic prospects for 2015, but we have not seen specific companies involved in any of these announcements. We would expect Kenya, Tanzania, Morocco, Tunisia, and Nigeria (pending a successful election) to add a significant number of names to this list.
Please scroll down to see the table below.
|Botswana||Botswana Telecom Ltd (BTCL)||Telecom||Telecom||Q3 2015||Postponed three times, worker issues as well|
|Cote D’Ivoire||Bank of Africa Mali||Financials||Banks||Q3 2015||Following suit of BOA Senegal|
|Egypt||Orascom Construction Industries||Industrials||Capital Goods||Q2 2015||Will list in Egypt pending settlement of tax dispute|
|Egypt||Nile Sugar||Consumer Staples||Food, Beverage & Tobacco||Q2 2015||Sawiris family-owned asset looking to list|
|Egypt||Edita Food Industries||Consumer Staples||Food, Beverage & Tobacco||Q3 2015||Main motivation is because everyone else is|
|Egypt||Emaar Misr||Industrials||Capital Goods||Q1 2015||Almost ready, only potential issue would be valuation|
|Egypt||Arabtec Egypt||Industrials||Capital Goods||Q4 2015||Need funds for growth, but could be delayed till 2016|
|Egypt||Egyptian Steel||Industrials||Capital Goods||Q4 2015||Waiting to see other companies successfully IPO|
|Egypt||Domty Food Industries||Consumer Staples||Food, Beverage & Tobacco||Q3 2015||Trying to take advantage of ‘hot’ Egyptian market|
|Gabon||IronRidge Resources||Materials||Materials||Q1 2015||Gabon-based miner listed on AIM in London|
|Ghana||Samba Foods||Consumer Staples||Food & Beverage||Q1 2015||Set for March 2015|
|Ghana||Agricultural Development Bank||Financials||Banks||Q1 2015||Postponed many times, March 2015 is the date now|
|Kenya||Nairobi Securities Exchange||Financials||Diversified Financials||Q1 2015||Successful IPO in Feb 2015, oversubscribed by 660%|
|Morocco||Marsa Maroc||Industrials||Transportation||Q2 2015||Morocco divesting 10% in port operator|
|Nigeria||Transcorp Hotel||Consumer Discretionary||Consumer Services||Q1 2015||Only 52% subscribed, puts a damper on future acitivty|
|Rwanda||Equity Bank||Financials||Banks||Q1 2015||Rwanda received cross-listing, IPO activity muted|
|Tanzania||Uda||Industrials||Transportation||Q4 2015||Commuter transport company would like to list|
|Tunisia||Groupe Slama||Conglomerate||Q3 2015||Diverse group unclear which division would be IPO’d|
|Tunisia||Loukil||Consumer Discretionary||Automobiles & Components||Q2 2015||Yet to see a prospectus. Not optimistic on the timing|
|Uganda||Uganda Electricity Generation||Utilities||Utilities||Q4 2015||Unclear timing for $1bn IPO|
|Zimbabwe||Metallon Gold||Energy||Energy||Q4 2015||Uncertain timing or location of listing|
If you know of any companies that are not included in this list, please do let us know.