Zambia targets $1 billion from five new listings as first gold ETF nears launch

Zambia is lining up five new company listings that could raise about $1 billion, while preparing to launch the country’s first gold exchange-traded fund (ETF) before the end of October.

• Zambia is targeting about $1 billion from five new company listings.
• Two of the listings could happen before the end of 2026.
• LuSE plans to launch Zambia’s first gold ETF by October.
• The moves aim to deepen the country’s capital market and broaden investor options.

The moves could significantly expand investment options on the Lusaka Securities Exchange (LuSE), which remains relatively small despite Zambia’s position as one of Africa’s major mining economies.

The five prospective listings span mining, manufacturing and telecommunications, according to Bloomberg⁠, which spoke with LuSE chief executive Nicholas Kabaso on the sidelines of an industry conference in Nairobi.

Two of the companies could list before the end of 2026, while the remaining three could be pushed into next year, Kabaso said.

The planned listings would mark a significant expansion of Zambia’s public equity market if completed. LuSE data showed its All Share Index at 25,926.89 on September 16.

Among the potential transactions is a share sale by ZCCM Investments Holdings, Zambia’s majority state-owned mining investment company.

The company is considering selling part of its shares to increase the amount available for public trading and comply with LuSE’s requirement for companies to maintain a minimum 25% free float, according to Bloomberg.

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Zambia turns to gold

Alongside the listing pipeline, LuSE plans to introduce its first ETF before the end of October, giving investors in Zambia access to gold through the local stock exchange.

The product is sponsored by South Africa’s Absa Group and will be introduced from the Johannesburg Stock Exchange.

The move would allow investors to gain exposure to movements in the gold price without having to buy and store physical bullion.

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Absa already operates its NewGold ETF across several African markets, including South Africa, Ghana, Botswana, Kenya, Mauritius, Namibia and Nigeria.

According to Absa, each NewGold security represents about one-hundredth of an ounce of gold and is backed by physical gold bullion held by its custodian.

The product, first launched in South Africa in 2004, tracks the spot price of gold.

Adding Zambia would extend the product’s footprint at a time when the country is also trying to develop its domestic gold industry.

Earlier this month, Zambia’s state-controlled mining investment company said it was looking to unlock more than $1.8 billion from small-scale gold mining by formalising a sector where large volumes of the precious metal are believed to leave the country outside official export channels.

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The gold ETF, however, is an investment product rather than a vehicle for buying locally mined Zambian gold. Its significance for LuSE is that it adds another asset class to a market traditionally dominated by equities and bonds.

Zambia seeks a deeper capital market

Plans for the ETF have been in development for months. Bloomberg reported in January that LuSE was preparing a gold-linked ETF and expecting new listings in 2026 after a strong run for Zambian equities.

The latest disclosure provides a clearer timetable for the ETF and puts a value on the potential listing pipeline.

LuSE’s most recent additions include reinsurer Klapton Re, which joined 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.

For Zambia, bringing more companies to the exchange could help deepen a domestic capital market that remains small compared with some of Africa’s larger exchanges, while giving businesses another route to raise capital outside conventional bank financing.

The planned $1 billion fundraising, together with the introduction of a gold-backed investment product, shows LuSE’s effort to expand both sides of the market, attracting more companies seeking capital and giving investors a wider range of assets to buy.