Latest news reveals that Dot.com Zambia’s initial public offering (IPO) was an astounding 114 times oversubscribed and concluded a week ahead of schedule on December 5. The secondary trading of the stock is anticipated to commence on December 17, following its successful offering.
Technology firm Dot.com Zambia Ltd. is set to launch its IPO on November 27, aiming to close on December 12. This marks the first listing on the Lusaka Stock Exchange (LuSE) since 2020, as well as the inaugural offering on the LuSE Alternative Market (Alt-M) sector. The Alt-M was established in 2015 to facilitate the growth of small and medium-sized enterprises.
Dot.com Zambia (DCZ) is offering up to one million ordinary shares to secure funding for the company. Of these, 900,001 shares will be available to the public and selected institutions, while 99,999 shares are reserved for an employee stock ownership plan (ESOP). Priced at ZMK 12.30 per share, the IPO aims to raise ZMW 12.3 million (approximately $538,499). With an increased authorized share capital of 10 million, this offering represents 10% of the total share count.
IPO Highlights
The company has launched a dedicated IPO website featuring the prospectus and additional background materials for potential investors. Applications can be conveniently submitted online.
This offering prioritizes retail investors, setting a minimum subscription of ZMW 500 shares (equivalent to ZMW 6,150) and a maximum of 500,000 shares per retail investor. The allocation results are slated for announcement on December 19, with the company targeting a share listing date of December 22 under the ticker DCZ.
Kukula Capital serves as the designated advisor and receiving agent for this IPO. Co-founded in 2009 by Tuesday Nyboe Andersen, Kukula also has representation on DCZ’s board of directors. Rob Stangroom, an investor relations specialist at African Financial’s website, commended DCZ’s IPO efforts on LinkedIn, highlighting its low profile and impressive transparency compared to other recent offerings in the region.
Company Overview
Founded in 2009 by Mawano Kambeu, Dot.com Zambia began as a modest e-commerce venture and has since evolved into a significant player within the technology landscape. The company’s growth has been fueled by the rise of mobile money usage and the digitization of government services, establishing it as a key contributor to the sector.
The original name, Book Now Zambia Limited, was changed in 2025 to Dot.com Zambia. In its early years, strategic investments from Kukula Fund I and eVentures Africa helped raise $500,000, infusing the company with vital local and international expertise to propel its development.
After selling its e-commerce division in 2018, DCZ refocused on its technology solutions, launching Zambia’s largest electronic toll road platform and the national eToll system. In an effort to modernize taxation, the company also introduced the eLevy digital tax system, which streamlines fare collections for market vendors and bus operators, benefiting over 800,000 small business owners.
Beyond toll systems, DCZ’s offerings include eFuel, a business-to-business (B2B) fleet management solution with over 300 enterprise clients, and the ePass mobile app that facilitates fuel, billing, and other services for retail customers. The company manages more than 45,000 vehicles and is currently developing new solutions in sectors such as bus ticketing and mobile gaming.
Market Impact
During an event on November 25, Technology and Science Minister Felix Chipota Mutati emphasized that Dot.com’s forthcoming listing exemplifies the potential for local SMEs to thrive when they prioritize good governance and professionalism, fostering investor confidence. He called for enhanced regulatory support to bolster Zambia’s digital landscape.
Lusaka Stock Exchange CEO Nicolas Cavaso hailed the listing as “bold and exciting,” suggesting that it may inspire other SMEs to pursue similar opportunities. The capital raised from the IPO will drive platform improvements, accelerate new product development, modernize internal systems, and support ongoing research endeavors. Moreover, the listing endeavors to elevate the company’s institutional stature, opening doors for new contracts and strengthening its role in Zambia’s digital evolution.
DCZ views this development as an exciting opportunity for local innovation, inviting employees, customers, cooperatives, village banking groups, businesses, institutions, and Zambians living abroad to participate in the IPO. An engaging 17-page biography of Mr. Kambeu is also available for those interested in learning more about the company’s leadership.
