Zambia eyes $1 billion in IPOs amid copper surge and election stability

Zambia’s stock exchange is anticipating up to $1 billion in initial public offerings (IPOs) following the recent presidential election. The victory of President Hakainde Hichilema, who secured a second term with a larger majority than in 2021, has eased business concerns regarding potential shifts toward populist economic policies.

Investor confidence is being further bolstered by surging copper prices. As Africa’s second-largest copper producer, Zambia relies on the metal for more than 70% of its export earnings. Lusaka Securities Exchange CEO Nicholas Kabaso noted that the upcoming listings could be “unprecedented” for the market, with potential offerings spanning sectors such as mining, telecommunications, manufacturing, financial services, and property.