2015 Africa IPO Calendar

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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.

COUNTRY COMPANY SECTOR INDUSTRY TARGET DATE NOTES
Botswana Botswana Telecom Ltd (BTCL) Telecom Telecom Q3 2015 Postponed three times, worker issues as well
Cameroon none
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%
Malawi none
Mauritius none
Morocco Marsa Maroc Industrials Transportation Q2 2015 Morocco divesting 10% in port operator
Namibia None
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
Zambia none
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.

 

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