Zambia’s capital market could see as much as US$1 billion in initial public offerings (IPOs) as companies reassess their financing plans following the country’s presidential election and a sustained strengthening in copper prices.
The projection, outlined by Lusaka Securities Exchange (LuSE) chief executive Nicholas Kabaso, would represent an unprecedented level of primary-market activity for Zambia. Kabaso said prospective listings could span manufacturing, telecommunications, mining, financial services and property, although the exchange has not identified the companies involved.
The expectation comes as Zambia enters a new political cycle following President Hakainde Hichilema’s re-election on 18 August, after the 13 August vote. Official results gave Hichilema roughly 60% of the vote, securing a second term. The result has been viewed by businesses and investors as providing greater policy continuity, although the election was also accompanied by disputes, allegations and episodes of violence that complicate any simple interpretation of the outcome as a wholesale removal of political risk.
For businesses considering equity financing, however, the outcome removes one immediate source of uncertainty. The question now is whether political continuity can translate into deeper domestic investment, stronger corporate activity and broader participation in Zambia’s capital markets.
The Lusaka Securities Exchange has been positioning itself for precisely that expansion. In its 2025 year-end message, the exchange said primary-market activity had gained momentum and highlighted the successful listing of technology company Dot Com Zambia, while signalling further IPOs in its pipeline.
The exchange has also been seeking to widen participation beyond Zambia’s established large companies. Its Alternative Market is intended to provide a route to public capital for smaller and growing enterprises, an important consideration in an economy where access to long-term finance remains a constraint for many businesses.
That development is significant because the potential US$1 billion pipeline should not be interpreted simply as a measure of foreign investor enthusiasm. Zambia’s ability to absorb substantial new equity issuance will also depend on the depth of domestic institutional savings, retail participation, market liquidity and the quality of companies coming to market.
There are signs that the domestic investment base is expanding. The National Pension Scheme Authority (NAPSA), one of Zambia’s largest institutional investors, reported in 2025 that its assets under management had exceeded K95 billion, while its portfolio includes listed equities and other domestic investments.
That capital provides an important potential source of demand for new listings, although pension assets cannot automatically be treated as capital available for every IPO. Investment mandates, valuation, risk, liquidity and regulatory requirements will determine how much institutional money can ultimately flow into newly listed companies.
Zambia’s improving copper outlook is another important part of the equation.
Copper remains the backbone of the country’s external economy. The International Monetary Fund has noted that copper accounts for more than 70% of Zambia’s export earnings, while the US Geological Survey estimated that copper represented about 66% of Zambia’s goods exports in 2024, illustrating how the precise share varies according to the period and methodology used.
Production has also been recovering. Zambia recorded record copper output of about 890,346 tonnes in 2025, following an 8% increase from the previous year. The government has set its sights on surpassing one million tonnes in 2026 and ultimately raising annual production towards three million tonnes.
The stronger copper environment matters to the wider economy because higher export receipts can improve foreign-exchange availability, government revenues and corporate earnings across parts of the mining value chain. Zambia Statistics Agency data show refined copper export earnings rising to K20.2 billion in January 2026, up 7.3% from December.
Yet the relationship between higher copper prices and broader prosperity is not automatic. Zambia remains exposed to commodity-price cycles, electricity shortages, climate-related disruptions and the concentration of export earnings in copper. The country’s heavy dependence on hydropower also leaves production and economic activity vulnerable to periods of drought.
For the capital market, therefore, the prospective IPO wave represents both an opportunity and a test.
A larger pipeline of listings could give Zambian companies an alternative to bank borrowing, provide domestic investors with greater access to productive assets and strengthen the role of the stock exchange in mobilising local savings. It could also broaden ownership of businesses operating in sectors that have historically relied heavily on private or foreign capital.
But the success of that process will ultimately depend less on the headline value of IPOs than on the quality and durability of the companies entering the market. Zambia will need sufficient liquidity, credible corporate governance, transparent disclosure and a diverse investor base if a surge in listings is to develop into a deeper capital market rather than a short-lived response to favourable commodity and political conditions.
LuSE has identified market participation, regulatory reform and greater issuer diversity as priorities. The exchange has also been reviewing its rules and seeking to make the market more accessible while maintaining appropriate standards.
For Zambia, the significance of the projected US$1 billion is therefore broader than the number itself. If the anticipated listings materialise, they could mark a further step in the evolution of a capital market increasingly capable of connecting Zambian savings with Zambian businesses.
The immediate challenge will be ensuring that the benefits of that expansion are not confined to the financial sector or a narrow group of investors, but contribute to a wider process of enterprise growth, domestic ownership and economic diversification.
