Kasapreko Raises $147 Million in Ghana’s Largest Manufacturing IPO as Investors Bet on African Consumer Growth

The maker of Alomo Bitters secured more than double its GH¢700 million target, marking a rare vote of confidence in African manufacturing at a time when new listings remain scarce across much of the continent.

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 one of the most successful public offerings in recent Ghanaian capital market history.

Kasapreko PLC raised $147.58 million from its initial public offering, far exceeding its $60.1 million target, ahead of its planned June 17 listing on the Ghana Stock Exchange under the ticker KPLC. 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 construction of a new production facility focused on bottled water and carbonated soft drinks.

The strong demand translated into a subscription level of about 246 percent, representing an oversubscription of roughly 146 percent above the amount sought. The development makes the Kasapreko IPO one of the most successful public offerings in recent GSE history and one of the largest oversubscriptions recorded by a locally owned manufacturing company in the market’s history.

Kasapreko’s journey mirrors one of Ghana’s most notable entrepreneurial success stories. Founded in 1989 with just five employees operating from a garage in Nungua, a suburb of Accra, the company has grown into one of West Africa’s largest indigenous beverage manufacturers. Its flagship Alomo Bitters brand helped establish Kasapreko as a household name before expanding into regional markets. Today, the company’s products are sold across Nigeria, Togo, Burkina Faso, Côte d’Ivoire, Liberia, Sierra Leone and The Gambia, while exports also reach diaspora communities in Europe, North America, Asia and the Middle East. The company now employs more than 2,300 people.

According to a report by Accra Street Journal, investors are buying into one of Ghana’s fastest-growing consumer businesses. Kasapreko’s revenue climbed from about $56.7 million in 2020 to $300.4 million in 2025. Profit after tax reached $29.3 million in 2025, while first-quarter 2026 earnings rose 55 percent year-on-year to $6.3 million.

The timing is also notable. The Ghana Stock Exchange has staged a remarkable recovery, with the GSE Composite Index gaining about 79 percent in 2025, making it one of Africa’s best-performing equity markets. Kasapreko’s listing arrives into a market enjoying renewed investor optimism, potentially giving the exchange one of its most prominent manufacturing stocks.

For Kasapreko, the stock market debut marks the latest chapter in a journey that began in a small garage in Accra nearly 40 years ago. For Ghana’s capital markets, it offers something increasingly rare across Africa: a large, homegrown manufacturing champion attracting substantial investor capital and choosing to grow through the public markets.

Source: Accra Street Journal 

Last Updated on June 12, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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