LuSE Builds US$1 Billion Listing Pipeline as First Gold ETF Nears Launch
Zambia’s LuSE Lines Up Five Listings Worth US$1B as First Gold ETF Targets October Launch
The Lusaka Securities Exchange (LuSE) is preparing for five potential company listings that could raise approximately US$1 billion, as Zambia seeks to deepen its capital markets and expand investment opportunities.
LuSE Chief Executive Officer Nicholas Kabaso said the prospective listings span the mining, manufacturing and telecommunications sectors.
Two could take place before the end of 2026, while the remaining three may be pushed into 2027.
One of the potential transactions involves ZCCM Investments Holdings, which is considering selling part of its shareholding to increase its public float and meet LuSE’s requirement for companies to maintain at least 25% free float.
The planned listings would provide companies with an additional avenue for raising capital while increasing the range of investment opportunities available to investors on the local exchange.
Meanwhile, LuSE is preparing to launch Zambia’s first gold exchange-traded fund (ETF) before the end of October.
The ETF is sponsored by South Africa’s Absa Group and will be introduced on LuSE from the Johannesburg Stock Exchange. It will give investors exposure to movements in the gold price without requiring them to purchase or store physical gold.
Absa’s NewGold ETF is already available in several African markets, including South Africa, Ghana, Botswana, Kenya, Mauritius, Namibia and Nigeria.
The planned ETF comes as Zambia seeks to develop its domestic gold industry and bring more activity into the formal economy.
The combination of new listings and the gold ETF is expected to broaden the range of financial products available through LuSE while supporting efforts to deepen Zambia’s domestic capital market.
Recent additions to the exchange include Klapton Re, which listed on the main board in March 2026, and Dot Com Zambia, which became the first company to list on LuSE’s Alternative Market in December 2025.
