African private equity (PE) IPO exits are far less popular than trade sales, majority buyouts and secondaries. By one estimate, between 2000 and 2023, IPOs accounted for just 4% of PE exit values and 7% of exit volumes. Among the 44 African PE exits in 2019, only one was via an IPO. Not a single IPO exit was reported in 2020, and again, only one was recorded in 2023.
That said, commercial exchanges in Africa have historically low listing volumes. In 2023, the African Securities Exchanges Association (ASEA) counted only 14 IPOs across all African exchanges (raising about $1.3 billion). India, on the other hand, had 57 IPOs in 2023, raising over $7 billion, while the Gulf Cooperation Council (GCC) economies saw 52 IPOs in 2024, raising $12.9 billion.
However, even with the occasional emergence of new listings each year, PE IPO exits remain relatively rare. For example, PwC analysis
