The Lusaka Securities Exchange (LuSE) has announced the successful closure of the Dot Com Limited Initial Public Offering (IPO), which concluded on 5 December 2025 after registering overwhelming investor interest and closing one week ahead of schedule.
According to the exchange, the offer was oversubscribed by 114%, marking one of the strongest retail-driven IPO outcomes seen in Zambia in recent years.
LuSE confirmed that the IPO attracted more than 500 new shareholders, with Zambian investors representing 75% of total participation. The exchange received ZMW14.1 million in applications against the ZMW12.3 million that had been sought.
The significant uptake, particularly from local retail investors, is being interpreted as a renewed show of confidence in Zambia’s capital markets and in the growth potential of emerging small and medium-sized enterprises (SMEs).
Retail investors contributed the majority of subscriptions, accounting for 85% of total participation, while entities represented 10%.
Foreign investors also played a role, applying for ZMW3.5 million worth of shares, though Zambians remained the dominant source of demand, submitting ZMW10.5 million.
LuSE described the response to the Dot Com IPO as a “clear and compelling signal” that the investing public is increasingly willing to support credible, well-governed local enterprises with strong prospects.
The exchange also said the outcome challenges long-standing assumptions that domestic investors tend to avoid SME listings or prefer traditional, low-risk investment instruments.
According to the statement, the Dot Com IPO demonstrates that, when presented with transparent disclosures and a compelling business narrative, investors are prepared to deploy capital into newer growth-oriented businesses.
This trend, LuSE argues, has implications for future SME listings and the broader availability of alternative financing for entrepreneurs.
LuSE Chief Executive Officer Nicholas Kabaso said the robust performance of the Dot Com IPO reinforces the exchange’s role as a viable platform for capital raising by small and growing enterprises.
He added that Zambia’s capital market infrastructure is increasingly capable of redirecting household and institutional savings into productive investment.
“These results signal a deepening appetite for investment in SMEs with strong fundamentals,” Mr Kabaso said.
“Such successes enhance LuSE’s credibility, attract more prospective issuers, and build momentum for future listings, particularly within the alternative market segment.”
Market analysts note that Zambia has been seeking to expand its capital markets ecosystem, encourage domestic savings, and mobilise private-sector investment to support economic growth.
The strong performance of the Dot Com IPO is likely to be viewed by policymakers as an encouraging indication of investor readiness to participate more actively in the formal securities market.
The exchange added that the oversubscription contributes not only to widening market participation but also to strengthening its strategic mandate of supporting Zambia’s economic development.
Increased retail engagement, in particular, is seen as an important step toward boosting financial inclusion and broadening the range of local investment opportunities.
With the offer period now closed, LuSE stated that reconciliations are underway among key stakeholders, including the broker, transfer secretary, custodian bank, and the Lusaka Clearing and Settlement Agency (LCSA).
Such reconciliations, standard practice following any IPO ensure that share allocations, refunds, and investor records are finalised accurately.
Once the reconciliations are completed, Dot Com shares are expected to begin secondary market trading on 17 December 2025.
LuSE has been working to attract more issuers by strengthening regulatory frameworks, improving market transparency, and promoting investor education initiatives.
Do you have any story or press releases you want to share? Send tips to editor@envestreetfinancial.com
Follow us on Twitter, Facebook, or LinkedIn to ensure you don’t miss out on an