With the consumer staples and technology industries becoming as active as energy, real estate, financial services and healthcare in Africa, the continent’s capital markets are poised to see IPOs raising more capital this year.

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Baker & McKenzie’s Global Capital Markets group has released a report projecting an overall capital raising for African IPOs that could exceed USD3.1 billion in 2016. This represents a value almost twice as much as the total amount raised for IPOs in 2015. Still, the current economic climate poses challenges for countries in the continent.  “These are challenging economic times for those of Africa’s economies dependent on commodities for much of their income, while so-called ‘hot money’ flows out of emerging market funds investing in Africa,” said Koen Vanhaerents, Baker & McKenzie’s Global Head of Capital Markets.

The challenges, however, are not deterring determined companies. “There’s enormous pent up demand among issuers to conduct capital raisings, particularly in Egypt, which is showing strong growth and the emergence of a larger middle class,” noted Edward Bibko, head of the Firm’s EMEA Capital Markets practice.

The report on pipeline African IPOs in 2016 also features an infographic, which details the issuers who are exploring IPOs, the industries they belong to, as well as the stock exchanges they are expected to list on.