Top 10 Countries with the Highest IPO Activity in Africa

In Summary:

• The year 2025 saw IPO activity spread across both mature and emerging African stock exchanges
• Financial institutions and state-linked firms across Africa dominated listings, driving market depth.
• New exchanges, such as Ethiopia’s ESX, marked historic first-time public offerings made headlines across the globe.
• In the continent, South Africa, Kenya, and Nigeria led in scale, liquidity, and strategic market impact

Deep Dive!!

Sunday, 18 January 2026 – Africa’s capital markets gained renewed momentum in 2025 as initial public offerings emerged as a critical tool for economic reform, privatisation, and private sector growth. Across the continent, governments and private firms turned to equity markets to raise capital, improve transparency, and broaden investor participation. Across the continent, IPO activity reflected both economic ambition and institutional evolution.

This article ranks the top ten African countries with the highest IPO activity in 2025, highlighting not just headline deal sizes but also the strategic importance of these listings within their local and regional markets. Together, these IPOs illustrate how equity markets are becoming central to Africa’s long-term growth, financial inclusion, and integration into global capital flows.

10. Benin

Benin’s appearance among Africa’s most active IPO markets in 2025 is closely tied to developments on the Bourse Régionale des Valeurs Mobilières (BRVM), the shared exchange serving eight West African countries. The planned initial public offering of Banque Internationale pour l’Industrie et le Commerce (BIIC) marked a significant milestone, with the government proposing to divest between 30 and 40 percent of its stake. This transaction aligned with broader regional efforts to use capital markets to deepen financial inclusion and strengthen banking sector transparency.

The BIIC listing stood out not only for its size within Benin’s domestic economy but also for its symbolic importance. Banking IPOs have increasingly become anchor listings for smaller African markets, providing liquidity, improving governance standards, and encouraging retail investor participation. On the BRVM, where financial institutions account for a substantial portion of market capitalisation, BIIC’s IPO reinforced the exchange’s role as a gateway for Francophone West Africa.

More broadly, Benin’s IPO activity reflects a growing recognition among smaller economies that equity markets can complement traditional debt financing. While overall volumes remain modest compared to larger African exchanges, Benin’s participation in regional listings contributes to the steady expansion of West Africa’s public equity ecosystem in 2025.

9. Cameroon

Cameroon recorded notable IPO momentum in 2025 through activity on the Central African Stock Exchange (BVMAC), which serves multiple countries in the CEMAC region. The planned listing of Commercial Bank Cameroon, involving the sale of 30 percent of its shares, represented a key step toward improving market liquidity and broadening investor participation in Central Africa’s relatively underdeveloped capital markets.

This move aligns with government objectives to encourage private investment, strengthen financial sector resilience, and reduce reliance on bank-centric funding models. Banking listings have been central to BVMAC’s development strategy, as financial institutions offer predictable earnings profiles and strong appeal to institutional investors seeking stable returns.

Although IPO volumes remain limited, Cameroon’s engagement in multiple listings, including BGFI Holding’s share debut, signals growing momentum. Relative to the size of its exchange and regional market reach, Cameroon’s activity places it among Africa’s more active IPO contributors in 2025, particularly within Central Africa.

8. Tunisia

Tunisia’s IPO activity in 2025 was driven primarily by movements within its financial sector on the Bourse de Tunis, where banks and insurance firms dominate listings. Several institutions prepared IPOs or secondary share offerings during the year, reinforcing Tunisia’s position as one of North Africa’s more mature capital markets.

The prominence of financial institutions in Tunisia’s stock market is significant, as the sector accounts for a large share of total market capitalisation. Even relatively small share sales can therefore have an outsized impact on market turnover, liquidity, and investor confidence. In 2025, these listings contributed to increased trading activity and improved visibility for the Tunis exchange.

While Tunisia’s IPO volumes remain smaller than those of Egypt or Morocco, the consistency of listings reflects a stable regulatory framework and sustained investor interest. This steady pace of activity underscores Tunisia’s role as a reliable, if measured, contributor to Africa’s IPO landscape.

7. Algeria

Algeria made meaningful contributions to IPO activity in 2025 through the continued listing of state-linked enterprises, particularly in the banking sector. One of the most prominent transactions involved Banque de Développement Local (BDL), which offered approximately 30 percent of its equity to public investors, following similar listings by other public banks in recent years.

These offerings form part of Algeria’s gradual strategy to modernise its capital markets and introduce market discipline into traditionally state-dominated sectors. Banking IPOs have been prioritised due to their scale, stability, and ability to attract domestic investors seeking alternatives to real estate and fixed income assets.

Although Algeria’s stock market remains relatively small and domestically focused, the continuation of state-led IPOs in 2025 demonstrates growing commitment to capital market reform. This places Algeria firmly among Africa’s active IPO participants, particularly in the context of government-driven listings.

6. Zambia

Zambia’s IPO presence in 2025 was marked by the listing of Dot Com Zambia PLC on the Lusaka Securities Exchange (LuSE). The offering, which issued one million shares, attracted both retail and institutional interest and reflected renewed confidence in Zambia’s equity market following macroeconomic stabilisation efforts.

Though modest in size, the IPO was significant for a market where listings have been relatively infrequent. It demonstrated that smaller companies, particularly in the technology and services sectors, are beginning to view public markets as viable funding options.

Zambia’s inclusion among the top IPO markets highlights how smaller exchanges contributed to Africa’s broader listing momentum in 2025. As fiscal reforms and investor sentiment improve, the LuSE is increasingly positioned to host additional public offerings in coming years.

5. Ethiopia

Ethiopia’s Ethio Telecom IPO represented one of the most closely watched capital market events in Africa in 2025. As one of the first major listings on the newly established Ethiopian Securities Exchange (ESX), the offering marked Ethiopia’s transition from a closed financial system to a publicly accessible equity market.

The government sold approximately 10.7 percent of Ethio Telecom, raising about 3.2 billion Birr, equivalent to roughly US$24.5 million. Although participation was capped and foreign access limited, the IPO was heavily oversubscribed domestically, reflecting strong pent-up demand for equity investment opportunities.

Beyond the funds raised, the listing was symbolically significant. It laid the foundation for future privatisations and private sector listings, positioning Ethiopia as one of Africa’s most important emerging IPO markets in 2025.

4. Morocco

Morocco recorded one of the strongest IPO performances in Africa in 2025, driven by listings on the Casablanca Stock Exchange, the continent’s second-largest by market capitalisation. A standout transaction was the IPO of Cash Plus, a fintech and payments company that raised approximately US$82.5 million at a valuation of about US$550 million.

This listing highlighted Morocco’s growing appeal to technology and financial services firms seeking public capital. It was complemented by other oversubscribed offerings, including Vicenne’s €50 million healthcare IPO, which further boosted market activity and investor confidence.

With strong regulatory oversight, deep institutional participation, and international investor interest, Casablanca continued to attract high-quality issuers in 2025. Morocco’s IPO activity reflects its role as a regional financial hub linking Africa, Europe, and the Middle East.

3. Nigeria

Nigeria’s IPO activity in 2025 was shaped largely by cross-border and dual listings, underscoring the country’s integration into global capital markets. A prominent example was Guaranty Trust Holding Company (GTCO), which pursued a listing on the London Stock Exchange while maintaining its presence on the Nigerian Exchange (NGX).

Such transactions improved liquidity, broadened investor access, and reinforced Nigeria’s reputation as a source of large, internationally competitive issuers. Beyond headline listings, the Nigerian equity market benefited from improved trading volumes and renewed interest in public offerings as macroeconomic reforms progressed.

Despite ongoing challenges, Nigeria’s scale, depth, and corporate pipeline ensured its position among Africa’s most active IPO markets in 2025, particularly in terms of transaction value and international visibility.

2. Kenya

Kenya emerged as one of Africa’s most strategically active IPO markets in 2025, driven by government-led privatisation and capital market reforms. Plans to list state assets such as the Kenya Pipeline Company formed part of a broader agenda to deepen the Nairobi Securities Exchange and attract long-term private capital.

Although several of these listings are expected to conclude in early 2026, the preparatory work, regulatory approvals, and investor engagement in 2025 generated significant market momentum. These efforts were complemented by continued interest in infrastructure-linked and financial sector listings.

Kenya’s approach reflects a deliberate strategy to position its capital markets as engines of economic growth. In 2025, this proactive stance placed Kenya among Africa’s top IPO jurisdictions by activity and forward momentum.

1. South Africa

South Africa led Africa’s IPO rankings in 2025, supported by the depth and sophistication of the Johannesburg Stock Exchange (JSE). The most prominent deal was Optasia’s US$345 million fintech IPO, the largest technology listing on the continent since before the pandemic.

Beyond Optasia, the JSE hosted several other listings and capital-raising activities that collectively attracted substantial domestic and foreign investment. The exchange’s advanced regulatory environment, strong institutional base, and global connectivity underpin its dominance in Africa’s IPO ecosystem.

As Africa’s largest stock exchange by market capitalisation, the JSE continues to serve as the continent’s primary hub for public offerings. In 2025, South Africa’s combination of scale, liquidity, and headline transactions firmly secured its top position in IPO activity.

We welcome your feedback. Kindly direct any comments or observations regarding this article to our Editor-in-Chief at [email protected], with a copy to [email protected].