Dot Com to Become First Local Tech IPO on Zambia Alternative Market
TLDR
- Dot Com Zambia is preparing to list on the Lusaka Stock Exchange’s Alternative Market (Alt-M), becoming the first 100% Zambian-owned technology firm to go public
- The IPO, announced on September 1, 2025, has board and shareholder approval and is awaiting final regulatory clearance
- The IPO will allow retail investors to invest in the company, marking the first potential listing on the LuSE’s SME-focused Alternative Market
Dot Com Zambia is preparing to list on the Lusaka Stock Exchange’s Alternative Market (Alt-M), becoming the first 100% Zambian-owned technology firm to go public. The IPO, announced on September 1, 2025, has board and shareholder approval and is awaiting final regulatory clearance.
Founded by Mawano Kambeu, the company has grown into a leading ICT solutions provider, developing revenue collection systems and business intelligence tools for public and private clients. Institutional investors, including Kukula Fund and eVentures Africa, backed the firm in 2015 and exited in 2024, while some original shareholders retained their stakes.
The IPO will allow retail investors to invest in the company, marking the first potential listing on the LuSE’s SME-focused Alternative Market, which was launched in 2015 but has had no prior participants. Exchange CEO Nicholas Kabaso described the step as “bold and exciting” and said it could inspire other SMEs to follow suit.
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Key Takeaways
Dot Com Zambia’s move is significant both for the country’s tech sector and its underdeveloped equity markets. Zambia’s ICT industry has been expanding steadily, driven by digitalization in payments, government services, and logistics; however, few local firms have tapped public capital markets. The Lusaka Stock Exchange has struggled to attract listings, with just over 20 companies on its main board and little liquidity compared to regional peers like Nairobi or Johannesburg. The Alternative Market was created to open access for SMEs but has remained dormant for a decade. Dot Com Zambia’s IPO could break that deadlock, offering a case study in how SMEs can raise growth capital while deepening retail investor participation. If successful, it may encourage regulators to streamline listing processes and prompt the government to introduce incentives. The deal also signals rising maturity in Zambia’s tech ecosystem, where local entrepreneurs can scale beyond venture funding into public ownership.
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