Governments and regulators favored targeted IPOs, mainly in banking, telecommunications, and fintech, with a clear objective : strengthen corporate governance, broaden local share ownership, and prepare domestic markets for future international capital inflows. This cautious approach explains the growing prominence of public banks, state-linked enterprises, and financial services companies, perceived as resilient assets in an uncertain global context.
West and Central Africa : the rise of regional stock exchanges
BRVM : the strength of the regional model. In West Africa, momentum observed in Benin highlights the relevance of the BRVM’s regional model. The IPO of Banque Internationale pour l’Industrie et le Commerce (BIIC), involving a 30-40% capital opening, reinforced the central role of the banking sector in structuring the regional market. For investors, such IPOs offer a dual advantage: exposure to solid financial institutions, and indirect access to multiple UEMOA economies through a single unified exchange.
BVMAC : a narrow but strategic market
In Central Africa, Cameroon emerged as the main driver of regional stock market activity. The partial privatization of Commercial Bank Cameroon, alongside the growing prominence of banking groups such as BGFI, reflects a clear determination to financially unlock the CEMAC zone. Although liquidity remains limited, these transactions are critical in laying the foundations of a credible market capable, in the medium term, of attracting institutional investors and regional funds.
North Africa : gradual reforms and market discipline
Tunisia consistency as a confidence anchor. At the Tunis Stock Exchange, 2025 reaffirmed a defining characteristic of the market: consistency. IPOs and secondary offerings, primarily driven by banks and insurance companies, sustained market activity and liquidity. In a relatively small market, such operations have a multiplier effect on local investor confidence, a key pillar of long-term market stability.
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Algeria: the stock exchange as a policy tool
Algeria continues to pursue a deliberate strategy of controlled partial privatization, notably through the listing of public banks. The flotation of around 30% of Banque de Développement Local (BDL) fits within a broader effort to enhance financial discipline and mobilize domestic savings. Even when focused mainly on local investors, this approach gradually transforms the Algerian stock exchange into a genuine economic policy instrument.
Southern and Eastern Africa : the stock market as a confidence signal
Zambia: small IPOs, strong signals. The listing of Dot Com Zambia PLC on the Lusaka Securities Exchange, although modest in size, sent a powerful message : technology and service companies are beginning to view the stock market as a credible financing option. In a historically low-activity market, this IPO reflects a gradual return of confidence following the country’s recent macroeconomic adjustments.
Kenya : preparing today for tomorrow’s IPOs. In Kenya, 2025 was marked less by completed IPOs than by intense preparatory activity. Planned listings of public assets, including Kenya Pipeline Company, reveal a clear strategy: positioning the Nairobi Securities Exchange as a cornerstone for infrastructure financing and long-term growth. For investors, this signals a pipeline of structuring transactions expected as early as 2026.
Ethiopia: a historic entry into equity markets. The IPO of Ethio Telecom on the newly established Ethiopian Securities Exchange marks a major turning point. With the sale of 10.7% of its capital, raising approximately USD 24.5 million, Ethiopia officially entered the world of equity markets. Beyond the amounts raised, this operation lays the groundwork for a future deep market within one of Africa’s most populous economies.
Heavyweights: depth, liquidity, and global visibility
Morocco : consolidating a regional financial hub. In Casablanca, 2025 was marked by high-quality IPOs, notably Cash Plus in fintech and Vicenne in healthcare. These transactions confirm the Moroccan market’s appeal for high-potential companies and international investors alike. Sectoral diversity and strong regulatory discipline reinforce Morocco’s position as a gateway between Africa, Europe, and the Middle East.
Nigeria : the power of dual listings. Nigeria continued to stand out through high-visibility international transactions, such as GTCO’s dual listing in Lagos and London. This strategy enhances liquidity, broadens the investor base, and strengthens the global credibility of Nigerian corporates.
South Africa : anchoring continental leadership
With the Johannesburg Stock Exchange, South Africa remains the gravitational center of African IPO activity. The listing of Optasia, raising approximately USD 345 million, once again demonstrated the market’s ability to host large-scale transactions, particularly in the technology sector. Market depth, investor sophistication, and international connectivity make the JSE an unavoidable reference point for major African companies.
The year 2025 confirms that African equity markets are no longer mere listing platforms, but powerful tools of economic transformation. IPOs are now used to structure economies, discipline public enterprises, mobilize domestic savings, and prepare integration into global capital flows.
