Family-owned businesses make up 70% of Africa’s private sector yet they are underrepresented on stock markets, limiting their access to long-term capital. Boxer (raising $471m), Shri Krishana Overseas Ltd.’s recent listing on the Nairobi Securities Exchange, and WeBuyCars listings in South Africa prove investor appetite exists for family-rooted firms. On the Bourse de Casablanca, family-owned businesses like TGCC, AKDITAL and Vicenne have raised than $250 millions in the last few years. But IPOs in Francophone West Africa have been rare since NSIA Group’s 2017 listing. Fear of losing control, valuation uncertainty, and limited advisory support continue to deter IPOs. How can exchanges evolve into full-service partners- offering adapted listing structures (e.g., dual-class shares, phased IPOs), governance tools tailored to African realities, and cross-border listings through the AELP?
Key points:
- How can African family businesses access public markets while preserving strategic control and long-term decision-making power?
- In what ways can stock market listings become effective tools for intergenerational succession, governance and the professionalisation of family-owned enterprises?
- What frameworks and innovations must African stock exchanges implement to support the regional expansion of family businesses and attract long-term, patient capital?