DATE LISTED: 9th Sept, 1998
IPO PRICE (TZS): 550
TBL is a Tanzania based company principally engaged in the production, distribution and sale of malt beer, non-alcoholic malt beverages and alcoholic fruit beverages. It operates four breweries in Dar es Salaam, Arusha, Mwanza and Mbeya and has over eight depots throughout the country. The Company also produces malt at its malting plant in Moshi.
TBL was founded on 1933 as Tanganyika breweries but it later changed its name to Tanzania breweries limited in 1964 following the unification of Tanganyika and Zanzibar. In September 9th 1999 TBL listed 294,928,463 shares in the DSE following a successful IPO at TZS 550 per share.
The Company operates through two divisions: Beer, and Wines and Spirits. The beer segment comprises clear beer and opaque beer. The Company and its subsidiaries own various liquor brands, such as Safari Lager, Kilimanjaro Premium Lager, Ndovu Special Malt and Konyagi. The Company also produces and distributes Castle Lager, Castle Milk Stout, Castle Lite, Peroni and Redds Premium Cold.
website: www.tanzaniabreweries.co.tz
DATE LISTED: 6th November 2008
IPO PRICE (TZS): 600
NMB Bank Plc is one of Tanzania’s largest and most profitable commercial banks, offering a wide range of financial services to individuals, SMEs, corporates, and government institutions. The bank was established in 1997 following the break-up of the former National Bank of Commerce (NBC), which resulted in the formation of three distinct entities:
Initially, NMB was limited to offering basic savings and payment services, with restricted lending capabilities. In 2005, the Government of Tanzania privatized the bank by selling a 49% stake to Rabobank Group of the Netherlands. This was followed by further divestment through a public offering.
On 31 October 2008, NMB listed 500,000,000 shares on the Dar es Salaam Stock Exchange (DSE) at an IPO price of TZS 600 per share. The listing marked a significant milestone in the bank’s transformation into a fully-fledged universal retail bank. Over the past two years, NMB shares have consistently traded around TZS 2,750, reflecting strong investor confidence and sustained profitability.
CORE Securities Limited served as the IPO Sponsoring Broker, playing a key role in the bank’s successful public offering.
website: www.nmbbank.co.tz/
DATE LISTED: 15th April, 1998
IPO PRICE (TZS): 500
TOL Gases Limited, formerly known as Tanzania Oxygen Limited, is a pioneer in the production and distribution of industrial and medical gases in Tanzania. The company offers a wide range of gases including oxygen, compressed air, carbon dioxide, hydrogen, nitrogen, ammonia, argon, nitrous oxide, helium, and acetylene, along with medical consumables and pipeline installation services.
Established in 1950 as a branch of the African Oxygen and Acetylene Company (AFROX) of South Africa, the company transitioned to local ownership in 1968 under the British Oxygen Company (BOC). In 1998, TOL Gases became the first company to be listed on the Dar es Salaam Stock Exchange (DSE), offering 55,835,490 shares at an IPO price of TZS 500.
The company has since expanded its production capacity significantly, including the commissioning of an Air Separation Unit (ASU) in Dar es Salaam and CO₂ plants in Mbeya, boosting its total output to 2.8 tonnes per hour.
CORE Securities Limited served as the Lead Advisor during the IPO process.
website: www.tolgases.com/
DATE LISTED: 16th November,2000
IPO PRICE: 410
TCC is a member of the JTI Group of Companies, boasts a proud history that reflects the way the country itself has re-shaped over the past half a century.
The Company was established as East African Tobacco in 1961, just a few years later the Government of Tanzania acquired 60% equity in the Company, as part of Tanzania’s Nationalization program and the remaining 40% in 1975.
In 1995, RJ Reynolds acquired a 51% stake in TCC. In 1999, Japan Tobacco Inc. (JT) acquired all non-US Tobacco operations of RJ Reynolds, including its 51% stake in TCC. In September 2000, JT, through its international tobacco division, Japan Tobacco International (JTI), increased its shareholding in TCC from 51% to 75%, making JTI the majority shareholder in TCC.
Today, TCC listed 100,000,000 shares at the Dar es Salaam Stock Exchange on November 2000 at an IPO price of 410 per share. The company keeps performing through its brands Embassy, Sweet Menthol (SM), Portman, Club, Safari, Camel and Iceberg.
website: www.tcc.co.tz
DATE LISTED: 2008
National Investments Company Limited (NICOL)
NICOL is a publicly listed investment company incorporated in the United Republic of Tanzania and trades on the Dar es Salaam Stock Exchange (DSE) under the ticker NICO.
The company was officially listed on the DSE on 15 July 2008, offering shares at an IPO price of TZS 400. However, in 2011, the Capital Markets and Securities Authority (CMSA) ordered its de-listing due to non-disclosure of financial statements for 2009 and 2010, and for engaging in an unauthorized asset sale. At the time of de-listing, NICOL shares were trading at TZS 270.
After a period of restructuring, NICOL re-emerged in 2017, declaring its first dividend of TZS 25 per share—marking a return to profitability after a decade. Subsequently, the company announced its re-listing plans on 6 June 2018, offering shares at TZS 300.
NICOL’s core mandate is to acquire, establish, and manage enterprises across strategic sectors of the Tanzanian economy, including manufacturing, financial services, telecommunications, agriculture, and mining.
The company currently operates through two active subsidiaries:
CORE Securities Limited served as the Lead Advisor during NICOL’s public offering and re-listing process
website: www.nicol.co.tz
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DATE LISTED: 2017
IPO PRICE (TZS): 850
Vodacom Tanzania is a subsidiary of Vodacom Group Limited, a company registered in the Republic of South Africa, which in turn is a subsidiary of Vodafone Group Plc, a company registered in the United Kingdom.
A telecommunication company with leading market share (31% as at June 2016). It started its operations on year 2000 and its was listed in the Dar es salaam stock exchange on the 15th of August 2017 where by it listed 560,000,100 shares at an IPO price of TZS 850.
Vodacom Tanzania offers a wide variety of innovative products and offerings including Voice, data, messaging services, mobile money (M pesa) and etc.
website: www.vodacom.co.tz/en/
DATE LISTED: 27th November 2015
IPO PRICE (TZS): 600
Mwalimu Commercial Bank Plc (MCB) is a Tanzanian commercial bank incorporated in 2012 and headquartered in Dar es Salaam. The bank was founded in response to market conditions that made financial services inaccessible or unaffordable for teachers. Recognizing this gap, the Tanzania Teachers’ Union (TTU), through its economic wing—the Teachers’ Development Company Limited (TDCL)—initiated the establishment of MCB to provide cost-effective and inclusive financial solutions.
MCB’s mission is to economically empower teachers and civil servants, improve their living standards, and offer a broad range of banking services to the general public. The bank emphasizes affordability, accessibility, and innovation in its service delivery.
To raise capital and expand its operations, MCB listed on the Dar es Salaam Stock Exchange (DSE) under the Enterprise Growth Market (EGM) segment. The IPO involved the issuance of 50,000,000 shares at a price of TZS 500 per share.
CORE Securities Limited served as the IPO Nominated Advisor, guiding the bank through its public listing process.
website: www.mcb.co.tz/
DATE LISTED: 29th December 2014
Mkombozi Commercial Bank Plc (MKCB) was established in 2009 as an initiative of the Tanzania Episcopal Conference (TEC), with the vision of supporting emerging Tanzanian businesses through accessible and inclusive financial services. The bank was granted a commercial banking license by the Bank of Tanzania in July 2009 and officially commenced operations in August 2009.
MKCB’s core mission is to serve a broad spectrum of clients, including:
The bank emphasizes financial inclusion, particularly for underserved communities and faith-based institutions, and operates a growing network of branches and agents across Tanzania.
To strengthen its capital base and expand outreach, MKCB listed on the Dar es Salaam Stock Exchange (DSE) under the Enterprise Growth Market (EGM) segment. The IPO involved the issuance of 5,000,000 shares at a price of TZS 1,000 per share.
CORE Securities Limited served as the Nominated Advisor (NOMAD) during the IPO process.
website: www.mkombozibank.co.tz/
DATE LISTED: 29th Sept,2006
IPO PRICE (TZS): 435
TPCC trading under the brand name Twiga Cement, is Tanzania’s largest cement manufacturer and a proud subsidiary of the Heidelberg Materials Group. The company was established in 1966, with its first bag of cement produced at Wazo Hill, Dar es Salaam, marking the beginning of a legacy in infrastructure development.
TPCC’s core business is the manufacture and sale of cement, and it currently produces three flagship brands:
With a market share of approximately 36%, TPCC remains the undisputed market leader in Tanzania’s cement industry. Its products have been used in numerous landmark projects, including:
In 2006, TPCC listed 179,923,100 shares on the Dar es Salaam Stock Exchange (DSE) at an IPO price of TZS 435 per share, further cementing its role in Tanzania’s capital market development.
CORE Securities Limited served as the IPO Lead Advisor and Sponsoring Broker, guiding the company through its successful public offering.
DATE LISTED: 17th June 2009
IPO PRICE (TZS): 150
CRDB Bank Plc is an African bank and a leading Financial Services Provider in Tanzania with current presence in Tanzania and Burundi, East Africa.
The Bank was established in 1996 and it listed its 2,176,532,160 shares in Dar Es Salaam Stock exchange (DSE) in June 2009 at an IPO price of TZS 150 per share.
CRDB Bank offers a comprehensive range of products such as Corporate, Retail, Business, Treasury, Premier, and wholesale microfinance services through a network of over 120 branches, over 400 ATMs, 15 Depository ATMs, over 13 Mobile branches and 984 Point of Sales (POS) terminals.
website: www.crdbbank.co.tz/
DATE LISTED: 26th Sept,2006
IPO PRICE (TZS): 225
Swissport Tanzania Plc is a leading aviation services provider in Tanzania, offering a comprehensive suite of services including ground handling, cargo handling, aircraft maintenance, and fueling. The company entered the Tanzanian market in 2001 following the acquisition of Dar es Salaam Airports Handling Company (DAHACO) by its parent company, Swissport International.
Swissport currently operates at:
The expansion into Songwe and Mtwara Airports was driven by capacity saturation at the major hubs, reflecting Swissport’s strategic intent to diversify its operational footprint.
In 2003, Swissport Tanzania became a publicly listed company on the Dar es Salaam Stock Exchange (DSE) under the ticker SWIS, offering 36,000,000 shares at an IPO price of TZS 225. The listing positioned Swissport as a key player in Tanzania’s capital markets and aviation infrastructure.
CORE Securities Limited acted as the Lead Advisor during the IPO process.
website: www.www.swissport.com/
DATE LISTED: 17th Dec, 1999
IPO PRICE (TZS): 330
TATEPA Limited (Tanzania Tea Packers) is a Tanzania-based agricultural holding company listed on the Dar es Salaam Stock Exchange (DSE) since 17 December 1999. The company was established in 1995 and is headquartered in Tukuyu, Mbeya.
TATEPA operates through a portfolio of subsidiaries and is primarily engaged in the growing, processing, blending, marketing, and distribution of tea and avocado. Its operations are structured into two main segments:
The company also held a stake in Chai Bora Limited, a leading tea brand in Tanzania, before divesting in 2008. TATEPA’s strategic shift toward avocado cultivation was driven by its higher profitability and growing demand in European markets.
The IPO in 1999 marked TATEPA as the third company to list on the DSE, with shares floated at TZS 330 per share. The listing enabled broader capital access and expansion into smallholder partnerships and estate acquisitions.
CORE Securities Limited served as the Lead Advisor during the IPO process.
DATE LISTED: 8th June 2016
IPO PRICE (TZS): 250
MuCoBa Bank Plc formerly known as Mufindi Community Bank Ltd, holds the distinction of being Tanzania’s first community bank. It was incorporated in December 1998 under Registration No. 35471 and licensed by the Bank of Tanzania (BOT) in May 1999 (License No. MFI A 00001) to provide banking services to the communities of Mufindi and neighboring districts. The bank officially commenced operations in June 1999.
MuCoBa was born out of grassroots demand for accessible financial services. Its origins trace back to the Mufindi Education Trust (MET), which in 1996 launched a revolving credit fund—Incomet Fund Ltd—with support from Belgian NGO ACT (now TRIAS). The fund’s success in serving low- and middle-income earners catalyzed the formation of a formal banking institution to serve the broader community.
On 8 June 2016, MuCoBa listed 8,156,423 shares on the Dar es Salaam Stock Exchange (DSE) at an IPO price of TZS 250 per share, becoming the 24th company to list on the exchange. The listing aimed to strengthen its capital base and expand outreach to underserved rural populations.
CORE Securities Limited acted as the Lead Advisor and Sponsoring Broker during the IPO process.
website: www.mucobatz.com/
DATE LISTED: 09 September 2013
IPO PRICE (TZS): 600
Maendeleo Bank Plc (MBP) was incorporated in February 2011 as a limited liability company and officially commenced operations on 9 September 2013 as a regional bank, following the issuance of Banking License No. NBA 00026 by the Bank of Tanzania.
Uniquely, Maendeleo Bank became the first bank in Tanzania to be listed on the Dar es Salaam Stock Exchange (DSE) from inception, joining the Enterprise Growth Market (EGM) segment. This milestone also marked its transition to a Public Limited Company (PLC) from the outset.
The bank was established as a strategic initiative of the Evangelical Lutheran Church in Tanzania – Eastern and Coastal Diocese, with a mission to serve micro, small, and medium-sized enterprises (MSMEs) and promote inclusive financial access. Its core objective is to deliver innovative, customer-driven financial services while generating sustainable returns for shareholders.
In a subsequent capital-raising initiative, Maendeleo Bank conducted a Rights Issue, with CORE Securities Limited serving as the Nominated Advisor.
website: www.maendeleobank.co.tz/
DATE LISTED: 16thSeptember 2008
DCB was incorporated as a limited company on 6th September 2001. It commenced operations in April 2002 as a regional microfinance institution. On 12th June 2003, the Bank received a license from the Bank of Tanzania to operate as Dar es Salaam Community Bank Limited.
By 2005, just three years into its operations, DCB achieved break-even status—a notable feat in the banking sector. In 2008, it made history by becoming the first bank in Tanzania to list on the Dar es Salaam Stock Exchange (DSE). The Initial Public Offering (IPO) was priced at TZS 275 per share, with a total of 67,827,897 shares listed.
In February 2012, the Bank rebranded to DCB Commercial Bank Plc, reflecting its broader strategic ambitions. By July 2012, it was granted a national license, officially transitioning into a fully-fledged commercial bank with authority to operate countrywide.
CORE Securities Limited served as the Lead Advisor and Sponsoring Broker during the IPO process.
website: www.dcb.co.tz/
DATE LISTED: 12th July 2016
IPO PRICE (TZS): 500
DSE is a market place where buyers and sellers of financial instruments meet. The Exchange is the secondary leg of Capital Markets that help avail long term and affordable capital to companies (productive users) from investors (idle holders/savers) with investment motives.
DSE was incorporated in 19 September 1996 and trading started in April 1998. The exchange became operational on 15 April 1998 with TOL Gas Limited listing as the first company followed by the Tanzania Breweries Limited (TBL) during the same year.
On 29 June 2015 the Dar-es-Salaam Stock exchange re-registered to become a public limited company after issuing 15,000,000 shares to the public at an IPO price 500.
website: www.dse.co.tz
INDUSTRY: Agricultural
ISN: TZ1996103804
DATE LISTED: 23 November 2020
IPO PRICE (TZS): 500/=
website: www.jatukilimo.com/about/
JATU PLC is a Tanzanian company involved with Agriculture, industries and markets, it was registered on 20th October, 2016. The core Vision of JATU PLC is to become a leading public company in producing quality products and good services within and beyond the country, and to create employment opportunities to Tanzanians, intended to enhance income for individuals and maximize government revenues. As its Mission to achieve its Vision, JATU PLC is dedicated to ensure that human lives are enriched with good health by use of premium natural products produced by JATU PLC and implement a poverty reduction solution by use of human resources, modern agriculture and engage in industry activities and network marketing to ensure profit sharing.
IPO PRICE (TZS): 400
TCCIA Investment PLC was incorporated on 9 November 1999 under Certificate of Registration No. 38280 as a public limited liability company. It was established under the sponsorship and proactive promotion of the Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), with the aim of expanding financing sources and enabling broader participation in Tanzania’s economic development.
The company officially commenced operations in January 2005, following initial startup hurdles. It was designed as a collective investment vehicle, allowing TCCIA members to pool resources and invest in privatized public enterprises.
In March 2018, the company was listed on the Dar es Salaam Stock Exchange (DSE) under the ticker TICL, and later rebranded to Afriprise Investment PLC in 2024.
Its core mandate is to mobilize and channel capital into viable investments across key sectors such as:
The company’s investment strategy spans both short-term and long-term portfolios, with a strong emphasis on capital preservation and sustainable returns.
CORE Securities Limited acted as the Lead Advisor during the company’s public offering and listing process.
website: www.tcciainvest.co.tz/
DATE LISTED: 21st December 2011
IPO PRICE (TZS): 470
PAL provides regional and domestic carriage of passengers and cargo by air. The company flies to 11 destinations within and outside Tanzania, including Arusha, Kilimanjaro, Mwanza, Bukoba, Mtwara, Kigoma, Tabora, Zanzibar, Nairobi, Musoma, and Hahaya. The company also provides ground handling services; and distributes the Galileo reservation systems to airlines and travel agents in Tanzania. It operates through a fleet of five 70-seater ATR 72-500, three 48-seater ATR 42-500, and a 48-seater ATR 42-600. The company was incorporated in 1991 and is headquartered in Dar es Salaam, Tanzania.
PAL listed 160,469,800 shares on DSE in 2011 after unsuccessful IPO were by it was under subscribed by more than 50%. The IPO price was 470.
website: www.precisionairtz.com/
