Zambia: Dot Com Zambia Launches IPO On Lusaka Securities Exchange

1 December 2025
Daba Finance (Abidjan)

Dot Com Zambia has opened its initial public offering on the Lusaka Securities Exchange, targeting up to ZMW 12.3 million through the sale of one million shares at ZMW 12.3 each. The offer runs from November 27 to December 12, with the company expected to list on December 22 under the symbol DCZ.

The IPO gives retail and institutional investors their first chance to participate in the share capital of the public-sector digital services provider. Founded in 2009 and rebranded in 2025, Dot Com Zambia operates the national eToll system across 31 toll plazas, manages more than 45,000 vehicles through its platforms, and has processed more than 9.5 million transactions. Its portfolio includes eLevy digital tax collection, the eFuel fuel-management platform, and ePass, a unified mobile app for consumers.

Financial performance has strengthened sharply. Revenue rose to ZMW 528.9 million in 2024 from ZMW 214 million the year before, while net profit reached ZMW 3.48 million. By September 2025, the company had already generated ZMW 475.8 million in revenue and exceeded its 2024 EBITDA.

The IPO consists of 1,000,000 shares, representing 10% of equity. Of these, 900,001 are offered to the public, while 99,999 are set aside for the employee share plan. Half of the offer is prioritised for retail investors, with a minimum subscription of 500 shares and a cap of ZMW 500,000. Allocation results are due December 19. Subscriptions may be submitted through receiving agents or online at dczipo.com.

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Key Takeaways

The Dot Com Zambia offering adds new activity to the LuSE Alt-M Market at a time when Zambia is pushing for deeper domestic capital formation and broader retail participation. Policymakers have encouraged more state-linked and technology-driven companies to list, hoping to expand local ownership of firms involved in national infrastructure and digitalisation. Dot Com Zambia's IPO fits into that agenda: its systems underpin tolling, municipal revenue collection, and fleet management across the economy. Analysts note that the company's recurring-revenue model, built on long-term public-sector contracts, may appeal to investors seeking cash-flow visibility in a market dominated by banks and industrial firms. The key test will be whether the company can scale newer products such as eFuel and ePass while maintaining service levels on core government platforms.

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