IPOs and new listings

An offer for subscription of up to 4.1 billion new shares at a fixed ₦525, under a prospectus dated 7 September 2026 that the SEC has cleared and registered. Applications run from 14 September to 13 October 2026 (11:59 pm Lagos time on the electronic channels), in naira, only through the channels the prospectus lists. The offer is made in Nigeria: retail applications are for people living in Nigeria and Nigerian citizens living abroad, residents of other African countries apply through two named channels, and the prospectus says that, except where it provides otherwise, the offer is not being made to investors in the US, the UK, Canada, Australia or Japan. The indicative timetable has the SEC clearing the allotment on 11 November and listing 15 business days after the allotment date; no listing date has been set.

Every term with its source, the timetable and who can apply → · En français

Offer opens

14 Sept 2026

Offer closes

13 Oct 2026

Price

₦525 per share, fixed, paid in full on application

Minimum lot

10 shares (₦5,250), then multiples of 10

Size

about $1.6B₦2,152,500,000,000 gross — 4.1bn shares at ₦525 (prospectus, p. 34). The dollar figure is the prospectus's own conversion, US$0.385 a share at ₦1,364 to the dollar on 5 August 2026, applied to the 4.1bn shares; it is not today's exchange rate. If the offer is oversubscribed, up to 30% more shares may be allotted with SEC approval (p. 37).

Receiving agents

Banks, stockbrokers and issuing houses (prospectus pp. 188–189), NGX Invest and 52 other electronic channels (pp. 190–192), Ecobank Transactional Incorporated and SBG Securities, for eligible African investors (p. 192)

Sources:Dangote Petroleum Refinery and Petrochemicals FZE (primary) ↗Securities and Exchange Commission, Nigeria (primary) ↗Nigerian Exchange Group website, carrying a report from The Punch ↗

The JSE has said it is in discussions about a secondary listing after the Nigerian IPO completes. Its director of capital markets described it as a strong intent to hopefully bring the listing to South Africa shortly thereafter — an intention, not an agreement. Nothing is signed and no terms or timing exist.

Size

not statedNo size discussed. A secondary listing of an existing line, not a capital raise.

Source:CNBC Africa, on-the-record quotes from the JSE (primary) ↗

A private placement of new equity, not a public offer, completed shortly before the IPO filing. The company confirmed completion on 23 July 2026 and said it was 3.7 times subscribed, at a reported implied valuation of about US$39–40bn. Included here because it is the one figure in this story that is not anonymously sourced.

Size

about $2.5BStated by the company in its own completion announcement, which said the placement was 3.7 times subscribed. This is the only Dangote refinery equity figure with a company statement behind it rather than anonymous sourcing.

Source:Nairametrics, carrying the company's own statement (primary) ↗

An offre publique de vente of 20% of the bank's capital, approved by the regional regulator AMF-UMOA on 26 June 2026, with subscription set for 20 July to 6 August and settlement for 21 August 2026. Open to investors across the eight UEMOA states. The shares now trade on the BRVM as BBGC: the exchange's own price table lists them. The first listing had been set for 14 September; the press reports that BRVM notice n°263-2026/BRVM/DG moved it to 24 September, and as we have not read that notice, no listing date is recorded. After the offer the free float is 20%, with Bridge Group West Africa holding 57% and CNPS 20%.

Offer opens

20 Jul 2026

Offer closes

6 Aug 2026

Price

XOF 6,750 per share, fixed

Size

not statedXOF 67.5 billion — 10,000,000 shares at XOF 6,750, representing 20% of capital. No dollar figure is given because the source states the offer in XOF and converting it ourselves would invent a precision the source does not have.

Ticker

BBGC

Sources:Agence Ivoirienne de Presse, carrying the AMF-UMOA approval (primary) ↗BRVM, the exchange's own share-price table (primary) ↗

An IPO of 583.3 million new shares to fund a bottled water and carbonated soft drinks facility at Adeiso, with about 96% of net proceeds allocated to that plant. The prospectus gave an expected listing date of 17 June 2026 and press reports place the debut in mid-June, but the two disagree on the day, so no listing date is recorded here.

Offer opens

4 May 2026

Offer closes

1 Jun 2026

Price

GH¢1.20 per share, fixed

Minimum lot

2,000 shares (GH¢2,400), then multiples of 1,000

Size

not statedTarget proceeds GH¢700 million — 583,333,333 new ordinary shares at GH¢1.20, with a GH¢350 million minimum threshold. Reported oversubscribed by 146%.

Ticker

KASA

Receiving agents

Absa Bank Ghana, Consolidated Bank Ghana, Databank Brokerage (sponsoring broker and joint manager)

Source:MyJoyOnline, reporting the company's offer announcement (primary) ↗

A government sale of a 65% stake, announced by the Treasury Cabinet Secretary as 105.7% subscribed. The offer opened on 19 January 2026 and closed on 24 February after an extension. More than 70,000 retail Kenyans took part and institutions took 41% of the shares sold. The debut is reported as 10 March 2026 but was not in the source we read, so no listing date is recorded.

Offer opens

19 Jan 2026

Offer closes

24 Feb 2026

Price

KES 9.00 per share, fixed

Size

not statedKES 106 billion targeted against 11.8 billion shares at KES 9.00, a 65% government stake. Applications reached 12.4 billion shares — 105.7% subscribed.

Source:The Standard, reporting the Treasury's final results (primary) ↗

A Toronto-headquartered investment holding company already listed on the TSX took a secondary inward listing on the JSE Main Board on 24 February 2026, via the exchange's fast-track route. No capital was raised. It was the JSE's first Main Board listing of 2026.

Listing date

24 Feb 2026

Size

not statedNo capital raised — a secondary inward listing of an existing Toronto line, leaving issued share capital unchanged.

Ticker

AII

Source:Johannesburg Stock Exchange (primary) ↗

A technical listing ahead of a future stake sale, not a public offer, announced by Egypt's Ministry of Petroleum and Mineral Resources following independent fair-value assessments. Whether the eventual sale is an IPO or a sale to an investor has not been decided, and no size or timing has been announced.

Size

not statedIssued capital of about US$357 million. That is issued capital, not an offer size — no stake percentage and no offer size has been announced.

Source:Egypt Oil & Gas, reporting the Ministry of Petroleum announcement ↗

A technical EGX listing ahead of a future stake sale, part of the first phase of the state petroleum sector offering programme. No public offer has opened and no stake size or timing has been announced.

Size

not statedIssued capital of about US$210 million — issued capital, not an offer size.

Source:Egypt Oil & Gas, reporting the Ministry of Petroleum announcement ↗

A technical EGX listing ahead of a future stake sale. The ministry said it is concurrently finalising procedures to list a further group of petroleum sector companies in an upcoming phase. No public offer has opened.

Size

not statedIssued capital of about US$120 million — issued capital, not an offer size.

Source:Egypt Oil & Gas, reporting the Ministry of Petroleum announcement ↗