Pangaea Securities

What Pangaea Securities does

Pangaea Securities Limited is a Zambian full-service investment bank and stockbroker founded in 1994, operating as a founding member and the single largest shareholder of the Lusaka Securities Exchange (LuSE). The firm is regulated by the Securities and Exchange Commission and registered on the London Stock Exchange, with its headquarters at Pangaea Office Park on Great East Road, Lusaka, and a satellite office in Johannesburg, South Africa. It serves more than 9,000 retail and institutional clients in Zambia and Sub-Saharan Africa through three divisions: Brokerage & Trading, Investment Banking, and Research.

The Brokerage & Trading Division executes trades on the LuSE dematerialised trading framework with a T+3 rolling settlement system, accesses Zambian government securities, and routes international orders through partnerships with international brokers. Individual accounts are charged a ZMW 400 account opening fee, ZMW 1,000 minimum investment, and a 1.5% commission per transaction; institutional pricing is not publicly disclosed. Investment Banking encompasses Equity Capital Markets, Debt Capital Markets, and M&A advisory, while the Research division publishes one-page equity reports, comprehensive equity reports, and economic reports. Pangaea has brokered 16 of 22 LuSE listings since inception, accounts for over 55% of LuSE trading revenue, and has advised on 3 of 4 mandatory offers ever conducted in Zambia.

Pangaea earns revenue from brokerage commissions, investment banking advisory mandates, and capital-raising fees on IPOs, rights issues, and private placements. Notable transactions include the 2023 USD145 million Affirma Capital exit from Copperbelt Energy Corporation via Africa's inaugural continuation vehicle, the ZAFFICO IPO (USD24 million), and the CEC Africa USD18 million mandatory offer. Leadership comprises CEO Ceaser Siwale (with the firm since 2001, in leadership since 2005) and Chairman Dipak Patel (former Zambian Member of Parliament and Cabinet Minister); the company operates with 11-50 employees and is privately held following a 2012 management buyout from Renaissance Capital Limited.

Name

Pangaea Securities

Legal name

Pangaea Securities Limited

Website

https://pangaea.co.zm

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Pangaea Securities is a Zambian full-service investment bank and stockbroker founded in 1994, serving over 9,000 retail and institutional clients through LuSE brokerage, government securities, capital markets advisory, and M&A services across Sub-Saharan Africa.

Ownership category

akta.pro rank

Product category

Investment Banking & Securities Brokerage

NAICS

Investment Banking and Securities Intermediation (52315), Investment Banking and Securities Intermediation (523150)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industry

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI)

Keywords

• Securities brokerage
• Investment banking
• Equity capital markets
• Mergers and acquisitions
• Equity research

Headquarters

HQ city

Lusaka

HQ country

Zambia

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Commission: Commission charged on transactions executed on behalf of clients. A commission of 1.500% of the value of the transaction is charged per transaction for individual accounts.
2. Investment Banking Advisory: Fees from providing corporate finance, financial advisory and capital-raising functions including equity and debt capital market transactions, and mergers and acquisitions
3. Capital Raising Fees: Fees from leading IPOs, rights issues, private placements, and other equity and debt capital market transactions as lead manager and sponsoring broker

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Pangaea Securities is a full-service investment bank and securities broker in Zambia, offering brokerage and trading on the Lusaka Securities Exchange, government securities, international trading, equity and debt capital markets, mergers and acquisitions advisory, and equity research. The firm serves over 9,000 retail and institutional clients and is a founding member and the single largest shareholder of the Lusaka Securities Exchange.

Product overview

Pangaea Securities offers a comprehensive suite of financial services organized into three main divisions: Brokerage & Trading (LuSE Trading, Government Securities, International Trading), Investment Banking (Equity Capital Markets, Debt Capital Markets, Mergers and Acquisitions), and Research & Insights (One Page Reports, Equity Reports, Economic Reports). The firm also provides a Forex Calculator tool. As a founding member of the Lusaka Securities Exchange, it serves over 9,000 clients and has consistently achieved the highest market turnover.

Differentiator

Problem solved

Functional benefit

Products and services

• LuSE Trading Trading and brokerage services for the Lusaka Securities Exchange providing sales functions and a trading platform for institutional and retail investors. The division represents over 9,000 clients and has consistently had the highest turnover compared to peers trading on the LuSE.
• Government Securities Treasury and bond markets trading services helping local and foreign investors navigate Zambian government securities including Treasury bills and bonds.
• International Trading Access to foreign markets enabling local investors to invest abroad in listed equities and bonds through partnerships with international brokers.
• Equity Capital Markets Public offers, private placements, and rights issues services leveraging in-depth market knowledge to access local and worldwide market liquidity. The firm has brokered 16 out of 22 listings on the LuSE since its formation.
• Debt Capital Markets Debt and structured debt services backed by strong partnerships, helping clients evaluate and target the best options available in the market, including hybrid instruments.
• Mergers and Acquisitions Advisory M&A advisory services spanning the country's core sectors including metals and mining, financial services, agribusiness, and real estate. Includes execution of landmark transactions such as Africa's first continuation vehicle (CEC, USD145 million).
• Equity Research Reports Comprehensive equity research reports and one-page summary reports covering listed companies on the LuSE with detailed analysis and performance summaries for companies including AECI, ZANACO, Chilanga Cement, Airtel Zambia, and Zambia Sugar.
• Economic Reports Economic reports prepared by the Investment Banking Division incorporating global expertise with local market knowledge, covering capital markets and economic outlook.

Quantifiable outcome

• Over US$3.0 billion raised across Sub-Saharan Africa for clients
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• International BrokerscoreChannel Partner/ Reseller/ DistributorPangaea has partnered with international brokers to give local investors the opportunity to invest abroad in both listed equities and bonds, providing access to foreign markets.
• International Banking and Advisory InstitutionscoreStrategic or Co-development PartnerRobust relationships with international banking and advisory institution partners strengthened for M&A transactions. The firm has enhanced M&A capabilities by developing relationships with international counterparts for transactions of this nature.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Market position

Strengths4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pangaea Securities