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Ghana’s IPO Comeback: Lessons from the First Atlantic Bank, ZEN Petroleum and Kasapreko IPOs
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The silence breaks

After 7 quiet years on Ghana’s equity capital market, we have 3 IPOs in 6 months. The last was MTN Ghana in 2018. Since then, a challenging macroeconomic environment pushed investors towards fixed income. Planned equity issuances were shelved. The primary market went quiet.

That has now changed. First Atlantic Bank Plc (FAB), ZEN Petroleum Holdings Plc (ZEN) and Kasapreko Plc (Kasapreko) have all undertaken IPOs. A bank, an energy company, and a household consumer brand, each choosing the public markets at a moment when many would have hesitated.

Bentsi-Enchill, Letsa & Ankomah advised on all 3 transactions. This article draws on that experience to share what we observed, what surprised us, and what we think it means for the market.

Why now - and why them?

2 developments set the stage. First, macroeconomic conditions improved - inflation came down, interest rates followed a downward trend, and the GHS stabilised. Second, the Securities and Exchange Commission (SEC) and Ghana Stock Exchange (GSE) continued their reform agenda during the quiet years - shorter prospectus review timelines, clearer disclosure expectations, and a sharper focus on corporate governance. Pension reforms expanded what Tier 2 and Tier 3 schemes could invest in, creating a deeper pool of patient, GHS-denominated capital.

But favourable conditions alone do not explain why these 3 companies moved when others did not. Each had specific reasons and specific groundwork already in place. That is where the lessons are.

3 deals, 1 signal

The 3 transactions differ in sector, size and structure, but together they illustrate the growing depth of Ghana’s public markets and that investors have an increasing appetite for the equity market.

The 3 issuers raised an aggregate of over GHS 2.1 billion. All 3 were oversubscribed (Kasapreko by 146%, ZEN by 52% and FAB by 6%). Pension funds anchored each deal. FAB and ZEN have delivered strong post-listing returns (+9% and +119% respectively as at 8 June 2026).

Table 1: Deal overview (all amounts in GHS)

Issuer	Sector	Offer price	Amount raised	Use of proceeds	Listing date	Current price[1]
FAB	Banking	7.30	786 million	Selling shareholders, working capital, and regional expansion	19 December 2025	7.97
ZEN	Energy	5.00	640 million	Working capital for operating entities	22 April 2026	10.96
Kasapreko	Manufacturing	1.20	700 million	Expansion of existing plants and new factory construction	15 June 2026	N/A

Table 2: Investor demand and subscription levels (all amounts in GHS)

Issuer	Target raise	Subscribed	Oversubscription	Accepted	Offer price	Current price[2]	Return[3]
FAB	742 million	786 million	1.06x	786 million	7.30	7.97	+9%
ZEN	640 million	970 million	1.52x	640 million	5.00	10.96	+119%
Kasapreko	700 million	1.73 billion	2.47x	700 million	1.20	N/A	N/A

FAB: Banking on confidence

FAB’s listing carries particular significance. Ghana’s banking sector has faced considerable pressure since 2017 - recapitalisation requirements, consolidation, and the general adverse DDEP impact on balance sheets. Yet the sector has emerged stronger, with improved net margins and recovering return on equity. FAB’s decision to list signalled renewed confidence and tested whether the market would respond.

The IPO required close coordination with the Bank of Ghana across multiple regulatory dimensions, including entity conversion approvals, capital treatment, change-in-shareholding protocols, and fit-and-proper assessments for incoming shareholders. The offer structure had to satisfy prudential capital requirements while remaining attractive to investors. From a practical standpoint, the most time-intensive element was aligning the various regulatory workstreams - SEC prospectus review, Bank of Ghana approval of the new shareholding structure, and GSE listing requirements all needed to converge. Getting these timelines to mesh required constant communication and some flexibility on all sides.

The transaction demonstrated that a public listing can simultaneously strengthen a bank’s capital base and broaden Ghanaian ownership of the sector. For legacy shareholders, it provided a well-structured exit: an opportunity to realise value from years of patient investment while contributing to market liquidity.

ZEN: Fuelling the future

ZEN brought a downstream energy company to the GSE at a significant moment. The sector is evolving - petroleum pricing reforms, bulk distribution licensing changes, and shifting storage infrastructure requirements. The deal required careful coordination with the National Petroleum Authority, layered on top of standard SEC and GSE approvals. The prospectus addressed commodity price volatility, foreign exchange exposure, supply chain arrangements, and health, safety and environmental compliance with sector-specific detail.

Structuring the deal required a corporate reorganisation to position the listing vehicle appropriately, board reconstitution to meet SEC governance standards, and an offer structure designed to attract institutional capital. One observation that may be useful for other issuers is that the time required for group restructuring is often underestimated. For ZEN, getting the holding company and operating subsidiaries properly aligned took several months of preparatory work before the formal IPO process could begin. Companies considering a similar path should build this into their planning.

Pension funds anchored the deal, directing workers’ long-term savings into a home-grown energy champion. The company’s future performance is now linked to the retirement outcomes of the people whose pension contributions made the transaction possible. ZEN’s structure (local pension money backing a local energy company) is the model we would like to see replicated across the market.

Kasapreko: A household name goes public

Kasapreko is a household name – a brand Ghanaians have known for 3 decades. This listing brings one of the country’s most recognised consumer companies to the public market. It illustrates how a family-founded business can use an IPO to fund expansion, strengthen governance, and prepare for generational transition. The deal involved appointing independent directors, refreshing board committees, and providing detailed disclosure on manufacturing operations.

Kasapreko came to the equity market unusually well prepared, and this, more than anything, explains the relatively smooth execution. A few years before the IPO, the company established a medium-term note programme on the Ghana Fixed Income Market. That experience introduced trustee oversight, noteholder reporting disciplines, and the rigour of continuing disclosure. By the time of the IPO, Kasapreko was accustomed to public reporting, had a track record of servicing its debt, understood public market expectations, and had established relationships with the SEC, the GSE, and the advisory community.

This is a pathway we would recommend to other companies considering a future listing. A debt capital markets programme, even a modest one, builds institutional muscle. It forces discipline around financial reporting, governance, and investor communication. When the equity window opens, a company with that track record can move faster and with less friction. Kasapreko’s groundwork materially reduced execution risk.

The IPO also confirmed that investors will support brands they know and trust. For other founder-led Ghanaian businesses, it provides evidence that the GSE offers a credible path to growth capital, improved governance, and long-term institutional resilience.

What the deals tell us

A few points deserve emphasis because they carry practical implications.

Pension funds are now the market: In all 3 transactions, pension funds were the anchor investors. This is a structural shift. Tier 2 and Tier 3 pension assets under management have grown from approximately GHS 20 billion in 2019 to over GHS 60 billion, and the pension investment guidelines have broadened eligibility to include pre-listing companies, relaxed financial track record requirements to accommodate growth-oriented issuers, and adopted a more market-reflective metric for single issuer exposure. For issuers, this means the audience for a Ghanaian IPO is no longer primarily retail investors or foreign portfolio managers. It is pension fund trustees and their asset managers. Pricing, disclosure, and investor engagement should reflect that reality.

Retail access has improved, but liquidity remains a challenge: The Kasapreko and FAB IPOs offered online subscription portals and mobile money payment options, a meaningful step forward for retail participation. But we should be honest about what comes next. Secondary market liquidity on the GSE lacks the required depth. Daily trading volumes are modest by regional standards. Post-listing price discovery can be volatile. Addressing this will require more issuances (to give investors portfolio options), more active market-making, and potentially regulatory incentives for liquidity provision. The IPOs are a good start, but the work is not done.

The SEC has noticeably improved: Review timelines have shortened. Feedback is more predictable. Coordination with sectoral regulators, particularly the Bank of Ghana, has become more structured. This matters. Credit is due to the SEC for maintaining reform momentum during difficult market conditions.

Lessons for the road ahead

For companies considering a listing: Based on these 3 transactions, companies should expect 6 to 12 months from initial structuring discussions to listing, with prospectus review and approval taking 3 to 5 weeks once submitted to the SEC. A key source of delay is getting the issuer market-ready, as due diligence often identifies compliance gaps that require remedial action. Companies that invest early in market readiness can significantly shorten execution timelines.

Preparation should begin well before any go-to-market decision. That means corporate restructuring, audit and tax readiness, a 3-year IFRS-compliant track record, appropriate board and committee composition, resolution of related-party matters, and functioning ESG and risk management frameworks. Early engagement with the SEC, the GSE, and relevant sectoral regulators reduces execution risk and compresses timelines.

For investors: The growing pipeline offers meaningful portfolio diversification, but requires disciplined valuation analysis, particularly around sector-specific and macroeconomic risks. Investors should expect and demand robust governance and high-quality, timely post-listing disclosure. The pension funds that anchored these deals set a high bar for engagement with issuers. That standard should be maintained.

For regulators and policymakers: Sustaining momentum will require continued focus on listing incentives (concessionary tax treatment and capital gains relief) and a willingness to revisit local equity participation rules that constrain listings in mining and other sectors. We would also encourage the SEC to prioritise the passage of the Securities Industry Bill, which would modernise the public offer and listing framework.

Equally important: strengthening the Ghana Alternative Market as a pipeline for SME issuers, modernising clearing and settlement infrastructure, deepening coordination among the SEC, GSE, Bank of Ghana and National Pensions Regulatory Authority, and maintaining investment in investor education and issuer-side governance standards. The regulatory infrastructure has improved; now it needs to scale.

The window is open

The conditions for continued capital markets activity are favourable. Inflation is easing. The GHS has found relative stability. The IMF-supported programme has concluded. Sovereign credit ratings are on an improving trajectory.

Over the next 2 to 3 years, several developments could meaningfully deepen the market, including privatisations and divestitures under the State Interests and Governance Authority’s programme, follow-on offerings from listed companies, potential cross-listings, and debut listings from new sectors. The issuers best positioned are those with strong brand recognition, established governance, and appeal to pension fund investors, which are characteristics that cut across consumer, financial services, and technology-enabled businesses. Local equity participation requirements are likely to constrain market access for certain industries unless policy shifts.

On the demand side, the pipeline has structural support. Pension assets continue to grow. Tier-2 and Tier-3 schemes are allocating significantly to listed equities. Foreign portfolio interest is returning.

We have advised on enough shelved transactions to know how quickly windows close. The companies that begin their preparation today will be the ones that benefit when the next opportunity arises. For those already in motion, the FAB, ZEN and Kasapreko IPOs offer both a practical roadmap and a vote of confidence. The market is open. The question is who will be ready.

Disclaimer

This article is provided for general information only and does not constitute legal, financial or investment advice, nor an offer or solicitation to buy or sell any securities. Information is current as at the date of publication and may be subject to change. Readers should seek specific professional advice before taking any action based on its contents.

[1] As at 8 June 2026; Kasapreko not yet listed as at the date of publication.

[2] As at 8 June 2026; Kasapreko not yet listed as at the date of publication.

[3] As at 8 June 2026; Kasapreko not yet listed as at the date of publication.