Nearly four decades after Dr. Kwabena Adjei started a small drinks business from a garage in Accra, investors have handed his company twice the money it asked for, turning Kasapreko’s stock market debut into a rare vote of confidence in African manufacturing at a time when new listings remain scarce across much of the continent.
Kasapreko PLC, the Ghanaian beverage company behind the widely recognised Alomo Bitters brand, raised $147.58 million (GH¢1.72 billion) from its initial public offering, way more than its $60.1 million (GH¢700 million) target, ahead of its planned June 17 listing on the Ghana Stock Exchange under the ticker KPLC.
"The strong demand translates into a subscription level of about 246%, representing an oversubscription of roughly 146% above the amount sought by the beverage manufacturer. The development makes the Kasapreko IPO one of the most successful public offerings in recent Ghanaian capital market history.
"The offer, which sought to raise GH$700 million by issuing 583.3 million ordinary shares at GH$1.20 per share, was launched to support the company's next phase of expansion, including the construction of a new production facility focused on bottled water and carbonated soft drinks," the company said.
