Kasapreko PLC, the Ghanaian beverage giant behind the popular Alomo Bitters brand, has officially launched an initial public offering (IPO) worth up to GH¢700 million, paving the way for its listing on the main market of the Ghana Stock Exchange (GSE).
The offer, which opened today and runs until June 1, 2026, involves the sale of up to 583,333,333 ordinary shares at GH¢1.20 per share. The IPO has a minimum subscription threshold of GH¢350 million, meaning the offer will proceed only if at least half of the target amount is raised. The company has chosen not to underwrite the offer, opting to cover any shortfall through bank loans or additional note issuances under its existing bond programme.
Nearly all of the net proceeds—approximately GH¢672.5 million, or 96 per cent—will fund the construction of a new bottled water and carbonated soft drinks production facility at Adeiso in the Eastern Region. The remaining 3.94 per cent has been allocated to IPO-related expenses, including advisory fees, regulatory charges and capital duty.
The public offer arrives on the back of strong operational performance. In the first quarter of 2026, Kasapreko reported a 55 per cent surge in profit to GH¢73 million, driven largely by a 43 per cent reduction in finance costs. Revenue edged up to GH¢853.2 million from GH¢821.9 million a year earlier, while gross profit rose to GH¢221.4 million.
The company’s growth trajectory over the past five years has been dramatic. Revenue expanded at a compound annual rate of 40 per cent between 2020 and 2025, climbing from GH¢660 million to GH¢3.5 billion. Profit for 2025 soared to GH¢341.8 million, marking a strong turnaround from losses recorded in 2022.
At the offer price of GH¢1.20 per share, the IPO implies a price-to-earnings multiple of 11.3 times based on forecast 2026 earnings, and an enterprise value-to-EBITDA multiple of 5.4 times. Both ratios sit below the peer average of 13.2 times for P/E and 7.6 times for EV/EBITDA among listed beverage companies such as Guinness Ghana Breweries, East African Breweries and Nigerian Breweries.
Prospective investors should note dividend restrictions currently in place. Under the terms of its outstanding corporate bonds, Kasapreko is prohibited from declaring or paying dividends for the 2024, 2025 and 2026 financial years. A separate credit agreement with KBC Bank NV also restricts dividend payments while any amount remains outstanding under that facility. The company has stated its intention to fully discharge its obligations to KBC Bank by June 30, 2026. Any dividend payment for 2026 would therefore require a waiver from noteholders and full satisfaction of the KBC facility.
The minimum application is 2,000 shares, requiring an initial outlay of GH¢2,400, with additional subscriptions in multiples of 1,000 shares. There is no maximum limit. Applications must be submitted through licensed dealing members or authorised agents, and all successful applicants will hold shares in dematerialised form through the Central Securities Depository.
The transaction is being jointly managed by Absa Bank Ghana Limited, Consolidated Bank Ghana Limited and Databank Brokerage Limited, with Databank also serving as sponsoring broker. Legal advice came from Bentsi-Enchill, Letsa & Ankomah, while KPMG acts as reporting accountant and PricewaterhouseCoopers as auditor. The Central Securities Depository will serve as registrar.
Kasapreko began as a private limited liability company in 1987 under the name Quab Gooding Company Limited. It converted to a public company in June 2023 and changed its name to Kasapreko PLC in March 2024. The company currently operates production facilities in Accra and Kumasi, with capacity to package over 150,000 bottles per hour across glass and PET lines. It employs more than 2,300 people and exports to markets across West Africa, Europe, North America, Asia and the Middle East.
Provisional approval for the listing has been obtained from the Ghana Stock Exchange, with final approval subject to the company meeting all listing requirements. Trading is expected to commence on June 17, 2026, provided the offer is successfully concluded.
The company’s board is chaired by Samuel Leslie Adetola, an independent non-executive director, and includes managing director Richard Adjei and founder Dr Kwabena Adjei, alongside four other independent or non-executive directors. All existing shares are held by Pinnacle Holding Company Limited, which is owned equally by Abigail Adjei, Emelia Adjei, Eunice Adjei, Isaac Adjei and Richard Adjei. None of the directors currently hold any shares in the company.
