African IPOs Find a Home in London’s Capital Markets
From fintech startups to infrastructure giants, a wave of African firms is making the journey to London’s trading floors in search of international investors
London is quietly positioning itself as the go-to destination for African companies seeking capital. For decades, the city has drawn investors from around the world, but now, a concerted push is underway to attract Africa’s rising corporate stars to its stock exchange.
Over the last ten years, more than 100 African companies have raised upwards of £17 billion on the London Stock Exchange. Recent deals have drawn attention: Lagos-based Africa Finance Corporation issued a $500 million eurobond in March, while Guaranty Trust Holding Company, one of Nigeria’s largest banks, completed a $100 million IPO last month—the first Nigerian bank to list in London.
Behind the scenes, the UK’s Department for Business and Trade has spent nearly four years curating a pipeline of African companies. Forums with private equity and venture capital firms have emphasized London as not merely a marketplace but a gateway to global capital. Senior DBT director Tracey Austin explained that new listing rules have made the process more accessible, lowering the equity stake companies must give up to go public.
Tech and deep-tech companies in North Africa, particularly Tunisia, are drawing significant interest. Investment in science and engineering education there has created a fertile environment for AI, bio, and clean tech startups. Elsewhere, Ghana, Tanzania, Nigeria, and South Africa are also producing ventures with international appeal.
London competes directly with the U.S. markets—Nasdaq and the New York Stock Exchange—which dominate in size. Yet, the LSE has managed to attract the largest number of African IPOs outside the continent. Analysts note that London’s familiarity with African equities and its cadre of brokers and research teams focused on the region are key differentiators.
For companies like GTCO, the decision to list in London is strategic. CEO Segun Agbaje emphasized that the market aligns with the company’s predominantly African focus, with revenues largely from anglophone West African countries. London offers not just capital but a platform recognized for credibility, visibility, and investor confidence.
While the listing process can take up to three years, the Alternative Investment Market (AIM) has historically been the most accessible tier for African firms. Equities listed there are tracked on indices like the FTSE UK Listed Africa Index, which benchmarks performance across all LSE tiers. GTCO currently ranks second on this index.
The London push signals a broader trend: African firms are no longer waiting to achieve unicorn valuations in private markets. Instead, they are seeking public exits that provide liquidity, global investor exposure, and a foothold in one of the world’s oldest financial hubs.
As Africa’s corporate landscape grows increasingly sophisticated, London is betting that its combination of regulatory flexibility, market credibility, and investor expertise will make it the first choice for IPOs from across the continent. For African founders, the message is clear: the path from Lagos, Nairobi, or Accra to London is now more navigable—and potentially more rewarding—than ever.
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