STORY HIGHLIGHTS
- Kasapreko PLC has launched a GH¢700 million IPO, offering up to 583 million shares at GH¢1.20 per share on the Ghana Stock Exchange
- The IPO is underwritten, with a minimum subscription threshold of GH¢350 million
- Nearly all proceeds — 96% — are earmarked for a new production facility in the Eastern Region
- The company posted a 55% jump in Q1 2026 profit, with revenue growing at a 40% CAGR between 2020 and 2025
- Existing bondholders bar dividend payments through 2026, limiting near-term investor income
Kasapreko PLC, a popular Ghanaian beverage manufacturer behind the Alomo Bitters brand, has launched an initial public offering (IPO), which would list it on the Ghana Stock Exchange.
The company’s IPO will list up to 583,333,333 ordinary shares at an offer price of GH¢1.20 per share.
The IPO opens on May 4, 2026, and closes on June 1, with a target of raising up to GH¢700 million.
Humble Beginnings To Corporate Giant
Kasapreko was born in 1989 when Dr. Kwabena Adjei, then a general trader and licensed gold buyer, set up shop in a converted garage in Nungua, a suburb of Accra, with just five employees.
In the early years of the company’s existence, it operated alongside rival distillers in Nungua — but Kasapreko distinguished itself by sourcing inputs from a different supplier, producing gins, brandies, and whiskies with distinct blends that carved out a niche market.
After a decade of informal operations, Dr. Adjei formalised the business by bringing in professional management, establishing a board, and putting proper operational, financial, and HR systems in place.
He has since been recognised as the first Ghanaian inducted into the Ernst & Young Entrepreneurs Hall of Fame and won the Lifetime Achievement Award at the 2017 Ghana Manufacturing Awards.
Dr. Adjei, now in his late 60s, retired from active management at 60, having spent years building the brand before handing it to the next generation. The company’s board today includes his son Richard Adjei as managing director and Dr. Adjei himself as a non-executive director.
Existing shares are held entirely by Pinnacle Holding Company Limited, which is owned equally by five individuals — Abigail Adjei, Emelia Adjei, Eunice Adjei, Isaac Adjei, and Richard Adjei — all members of the founding family.
From Nungua To International Status
Kasapreko was responsible for the conceptualisation, research, and development of Alomo Bitters — the first scientifically formulated, herbal-based alcoholic beverage in Ghana — which became the company’s flagship product. The product line has since expanded well beyond it.
The company now operates production facilities in both Accra and Kumasi, with packaging capacity of over 150,000 bottles per hour across glass and PET lines, and employs over 2,300 people.
Its products are exported to Nigeria, Togo, Burkina Faso, Ivory Coast, Liberia, Sierra Leone, and the Gambia, as well as markets in Europe, North America, Asia, and the Middle East.
Financially, the trajectory has been striking. Revenue expanded at a compound annual growth rate of 40% between 2020 and 2025, climbing from GH¢660 million to GH¢3.5 billion, while profit for 2025 reached GH¢341.8 million — a sharp recovery from a loss recorded in 2022.
The IPO’s Mechanics — and Its Risks
Proceeds from the offering will be directed almost entirely — roughly 96% of the net proceeds, amounting to GH¢672.5 million — toward the construction of a new bottled water and carbonated soft drinks production facility at Adeiso in the Eastern Region.
The minimum subscription threshold has been set at GH¢350 million, meaning the offer will only be declared successful if at least half the target is raised.
Crucially, the offer is not underwritten, leaving Kasapreko to cover any shortfall through bank loans or further bond issuances.
Valuation metrics suggest the company is pitching itself as a relative bargain.
The offer price implies a price-to-earnings multiple of 11.3 times based on forecast 2026 earnings, and an EV/EBITDA multiple of 5.4 times — both below peer averages of 13.2 times P/E and 7.6 times EV/EBITDA across comparable listed beverage companies including Guinness Ghana, East African Breweries, and Nigerian Breweries.
However, prospective investors should read the fine print carefully. Under the pricing supplements governing Kasapreko’s outstanding corporate bonds, the company is prohibited from declaring or paying dividends for the 2024, 2025 and 2026 financial years.
A credit agreement with KBC Bank NV also restricts dividend payments while amounts remain outstanding under that facility. Income-seeking investors will need to factor in this constraint before subscribing.
The transaction is being jointly managed by Absa Bank Ghana, Consolidated Bank Ghana, and Databank Brokerage, with legal counsel from Bentsi-Enchill, Letsa & Ankomah and reporting by KPMG.
Trading on the Ghana Stock Exchange is expected to commence on June 17, 2026, subject to the offer being successfully concluded.
This article was edited with AI and reviewed by human editors
