HARARE, 23 October 2026. Amalgamated Brands Limited published its prospectus and opened its US$20 million Initial Public Offering on the Victoria Falls Stock Exchange (VFEX) on 14 October 2026.
The Offer is made up of US$5 million of new shares and US$15 million of existing shares, at a fixed price of US$0.35 per share. It closes at 12:00 on 30 November 2026, and trading is expected to start on 7 December 2026.
Group Chief Executive Officer Anele Zunga set out the earnings drivers at the launch briefing held on 14 October 2026 at The Venue, Avondale, Harare.
“Our revenue grows when more households can find our brands on the shelf, and we own the route that gets them there. This listing funds the capacity to serve that demand, and we intend to earn the confidence of every shareholder who joins us.” Anele Zunga, Group Chief Executive Officer
Current earnings drivers
- Volume growth: FY2025 pro forma revenue rose 33.1% to US$78.7 million, and revenue for the nine months to September 2026 rose 25.1% to US$73.2 million.
- Category share: The Group holds 60% of mixed-fruit jam, 45% of chips and snacks, 42% of canned baked beans and 36% of loose biscuits.
- Owned route to market: Cailogistics and Cailo Marketing Services deliver and merchandise the Group’s brands, and more than 95% of revenue is billed in US dollars.
- Cost discipline: Operating expenses fell to 13.6% of revenue in the nine months to September 2026, from 15.8% a year earlier.
Future earnings drivers
- New capacity: US$30.1 million of growth capital spending from FY2026 to FY2030 funds a biscuit line expected to more than double capacity, amongst other projects.
- Volume ramp: Directors project case volumes up 55% by FY2030, adding US$54.0 million of revenue and taking total revenue to US$120.0 million. Mr.Zunga pointed out this was a conservative target.
- Margin recovery: Directors project gross margin recovering from 24.8% in FY2025 to approximately 28.0% in FY2026, and EBITDA margin rising from 14.9% in FY2026 to 19.2% in FY2030.
- Self-funded investment: About 90% of the US$46.6 million capital programme to FY2030 is expected to come from operating cash flow.
- Shareholder returns: Directors intend a dividend payout of 30% to 40% of profit after tax, with full application from FY2027.
On the directors’ projections, FY2026 EBITDA is US$14.1 million, rising to US$23.0 million in FY2030. At the Offer Price, projected price-to-earnings is 8.7x for FY2026 and 7.6x for FY2027. The Group expects to lose Lobels-related logistics revenue of US$13.4 million when that contract ends in September 2027, and the projections assume it is not renewed.
“Amalgamated Brands has built its brands and its distribution over many decades. Listing on the VFEX gives investors the chance to share in the next stage of that work.” Washington Matsaira, Independent Chairman
“The directors’ projections take revenue from US78.7 million to US120.0 million, a compound annual growth rate of 8.8%, and EBITDA from US$10.5 million to US$23.0 million, a rate of 17.0%. Our job is to deliver against those numbers and report our progress to shareholders every period.” Rumbidzai Manjengwa, Group Finance Director
Mr Matsaira addressed the briefing on the Group’s brands and distribution capabilities. Mr Zunga presented the expansion plans and manufacturing investment priorities. Ms Manjengwa presented the financial position and the directors’ forecasts.
How to participate
- Minimum application: 100 shares (US$35), paid in cleared US dollars, using the Application and Offer Agreement in Appendix V of the prospectus.
- Offer terms: The Offer is not underwritten. Maximum size with oversubscription is US$29.8 million.
- Contacts: MMC Capital Advisory, advisory@mmccapitalzim.com, or the co-sponsoring brokers Imara Edwards Securities, Morgan & Co and Old Mutual Securities.
Important notice: Figures marked as projections are directors’ forecasts, are not guaranteed, and may differ materially from actual results. No dividend is guaranteed. Investors should read the full prospectus, including Section 9 on risk factors, before applying. Download the prospectus here.