Ga Borone, Botswana – RMB has successfully advised on and executed the BWP1.66 billion (USD121 million) Initial Public Offering (IPO) and listing of Kwa Nokeng Oil Limited (KNO) on the Botswana Stock Exchange (BSE).

The transaction marks the largest IPO in the history of the Botswana Stock Exchange, the exchange's first IPO since 2018, and one of the largest IPOs completed in Broader Africa in 2026.

As Sole Financial Adviser, Bookrunner and Receiving Bank, RMB worked closely with Kwa Nokeng Oil Limited's management and selling shareholders to structure and execute a transaction that balanced shareholder liquidity objectives with the goal of broadening local ownership while establishing a sustainable public market for KNO's shares.

The IPO was designed to provide liquidity for existing shareholders, increase participation by Botswana investors and create a platform for KNO's future growth as a listed company. The offer attracted strong demand from both institutional and retail investors and was oversubscribed, resulting in the exercise of the greenshoe option.

RMB's role spanned the full lifecycle of the transaction, including:

• Company restructuring to align KNO with best practices for a listed company.
• Transaction structuring tailored to shareholder liquidity and ownership objectives.
• Investor engagement, including targeted institutional participation that secured firm commitments and supported successful execution.
• Ongoing regulatory engagement throughout the process.

The transaction also reflects the strength of RMB's Broader Africa franchise, with teams across Botswana and Nigeria combining deep local market insight with regional capital markets expertise to deliver a complex and significant equity capital markets transaction.

Speaking at the post-listing celebration in Gaborone on 10 November 2026, FNB Botswana Chief Executive Officer, Steven Lefentse Bogatsu, said:

"The successful execution of this IPO also speaks to the strength of our Broader Africa franchise. By bringing together our teams in Botswana and Nigeria, RMB was able to combine local market insights with regional expertise to deliver a complex equity capital markets transaction. This is an important demonstration of the value of collaboration across our markets and the strength of the capabilities we bring to our clients."

A Landmark Achievement for Botswana's Capital Markets

The successful listing has significantly broadened local participation in the ownership of a strategically important business. Following completion of the IPO, Botswana ownership in KNO increased from 51% to approximately 79%.

Commenting on the significance of the transaction, Harriet Mlalazi, Executive Director of RMB Botswana, said:

"This transaction is a landmark achievement for Botswana's capital markets and the Botswana Stock Exchange. Beyond its scale, the IPO created an important avenue for local investors to participate in the ownership of a strategically important national business. The strong demand for the offer demonstrates both the depth of capital available in Botswana and the important role public markets can play in supporting economic growth and broad-based wealth creation."

The offer was oversubscribed by 1.21 times, reflecting strong confidence from investors and resulting in the exercise of the greenshoe option to accommodate additional demand and broaden participation.

RMB's Role in Delivering Landmark Transactions

The successful completion of the Kwa Nokeng Oil IPO demonstrates RMB's ability to structure, advise on and execute complex corporate finance and equity capital markets transactions across the continent. The transaction showcases the strength of RMB's advisory expertise, investor relationships and integrated Broader Africa platform.

Reflecting on the broader significance of the transaction, Chidi Iwuchukwu, Head of Broader Africa Investment Banking & Sponsor Segment, said:

"The successful listing of KNO highlights the significant appetite for quality investment opportunities across African capital markets and RMB's ability to execute seamlessly across borders. By leveraging expertise from across our broader Africa platform, we delivered a transaction that broadened ownership, achieved shareholder objectives and established a strong foundation for KNO's next phase of growth."

Adding to this, Resegohetse Pheresi, Senior Transactor: Investment Banking, RMB Botswana, said:

"KNO's successful listing is the culmination of extensive preparation, close collaboration with management and strong engagement with investors. We are proud to have supported KNO and its shareholders through every stage of the journey, helping to deliver a transaction that achieved their objectives while establishing a strong foundation for KNO's future as a listed company."

Speaking at the Ring the Bell ceremony in Gaborone, Harriet Mlalazi further noted:

"For us at RMB, the Corporate and Investment Banking division of FNB Botswana, it has been a privilege to play a leading role in bringing this landmark BWP1.66 billion transaction to life, serving as Sole Financial Adviser and Bookrunner, while also acting as Sole Receiving Bank on the IPO."

The successful execution of the KNO IPO reflects the strength of RMB's integrated Broader Africa platform, bringing together product expertise, sector knowledge and local market experience to deliver a landmark transaction for KNO, its shareholders and Botswana's capital markets.

RMB extends its appreciation to the Botswana Stock Exchange (BSE), Central Securities Depository Company of Botswana (CSDB), Botswana Energy Regulatory Authority (BERA), Kwa Nokeng Oil Limited management, investors, professional advisers and all transaction stakeholders whose support contributed to the successful execution of this historic transaction.