Amalgamated Brands Limited, the company behind consumer brands including Thingz, Spuds, Willards and Sun Jam, has opened a US$20 million public share offer at US$0.35 per share ahead of its planned listing on the Victoria Falls Stock Exchange (VFEX).

The offer opened on Wednesday, October 14, 2026, with the company seeking to raise funds through an initial public offering (IPO) comprising new shares and existing shares being sold by current shareholders.

According to the company's prospectus, US$5 million of the offer comprises new shares intended to raise capital for the business, while US$15 million will come from existing shares being sold by shareholders.

The offer price has been fixed at US$0.35 per ordinary share, with a minimum application of US$35 for 100 shares.

The offer is scheduled to close on November 30, 2026, at 12 noon, while the publication of results is expected on December 3. Share allocations are scheduled for December 4, with trading on the VFEX expected to begin on December 7, subject to the fulfilment of the offer conditions.

Amalgamated Brands brings together a portfolio of established food and consumer brands, including Spuds, Willards, Thingz, Sun Jam, Cashel Valley and Charhons, alongside its merchandising and distribution businesses.

The group's manufacturing operations are conducted through Cairns Foods, while Cailogistics handles distribution and Cailo Marketing Services manages merchandising and route-to-market activities.

In its prospectus, the company reported pro forma revenue of US$78.7 million for the 2025 financial year, earnings before interest, tax, depreciation and amortisation (EBITDA) of US$10.47 million and profit after tax from continuing operations of US$4.7 million.

The company said more than 95 percent of its revenue was billed in United States dollars during the period.

Amalgamated Brands intends to use the proceeds from the primary offer to support its growth programme, including expanding manufacturing capacity and improving operations at Cairns Foods.

About US$4.5 million of the US$5 million in primary proceeds is earmarked for capital expenditure at Cairns Foods, while US$500,000 is allocated to listing costs.

The US$15 million secondary offer will accrue to the selling shareholders, comprising Takura II (Private) Limited, Investors in Africa-Takura Ventures (Private) Limited and Takura III (Private) Limited.

Following the base offer, Takura is expected to retain a controlling stake of approximately 69.26 percent in the company.

The prospectus also outlines plans to expand production capacity through projects that include a new biscuit production line, a baked beans plant and a soft-snacks line, alongside investments in energy generation.

However, the company cautioned prospective investors that share investments carry risks and that the value of the shares may rise or fall. It also noted that the expected development of trading liquidity after listing was not guaranteed.

The prospectus advises investors to read the full offer document, particularly the section outlining risk factors, before making investment decisions.

Applications are to be made using the application form accompanying the prospectus, with investors required to follow the prescribed submission procedures.

The shares are being offered at a fixed price of US$0.35 each, but the planned start of trading on the VFEX remains subject to the offer conditions and the indicative timetable.