OneSquareK Property Development Plc has opened its Initial Public Offering (IPO) in Zambia, giving investors an opportunity to acquire shares in a Lusaka-based property rental business ahead of its planned listing on the Lusaka Securities Exchange (LuSE).
The company is offering 980,000 ordinary shares at ZMW 12.76 per share, representing 49% of its issued share capital. The minimum investment is ZMW 2,552 for 200 shares.
The public offer opened on 26 October 2026 and is scheduled to close on Monday, 16 November 2026, at 17:00 Central Africa Time. The company’s shares are expected to begin trading on the LuSE Alternative Market (Alt-M) on 25 November 2026, subject to the published timetable. LuSE Alt-M+1
OneSquareK IPO at a glance
Price per share: ZMW 12.76
Minimum investment: ZMW 2,552
Shares offered: 980,000
Offer closing date: 16 Nov 2026
What Is OneSquareK Property Development Plc?
OneSquareK Property Development Plc (OSK) is a Zambian property investment company whose business focuses on developing, owning and renting residential accommodation.
Its existing property is located along Kapeshi Road in Kalingalinga, Lusaka, and comprises 31 furnished studio apartments designed primarily for young professionals, students and early-career workers.
The property includes security facilities, CCTV surveillance, laundry services and parking. It is situated approximately one kilometre from East Park Mall, giving tenants access to nearby commercial and educational facilities.
According to the company’s investor information, all 31 apartments are currently occupied. The underlying rental operation also has five years of audited financial results covering 2021 to 2025. OneSquareK Investor Centre+1
The IPO marks a transition from a privately owned property business into a publicly traded company, allowing qualifying investors to acquire an ownership stake without purchasing an entire apartment or building.
OneSquareK IPO Share Price and Offer Details
The IPO is structured as an offer for sale of existing shares by founders Mafipe Chunga and Kupela Clarke.
| IPO details | Information |
|---|---|
| Company | OneSquareK Property Development Plc |
| Stock exchange | Lusaka Securities Exchange |
| Market segment | Alternative Market (Alt-M) |
| Offer price | ZMW 12.76 per share |
| Shares available | 980,000 |
| Public ownership offered | 49% |
| Total offer value | ZMW 12,504,800 |
| Implied company valuation | ZMW 25,520,000 |
| Minimum application | 200 shares |
| Founders’ remaining stake | 51% |
| Receiving agent | Money Acumen Advisory Limited |
LuSE Alt-M+1
An important distinction is that OneSquareK is selling existing shares rather than issuing new shares to raise money directly for the company.
The IPO proceeds will go to the selling shareholders. The founders intend to reinvest these proceeds through their development partnership, K&M, to develop additional properties that may subsequently be offered to OneSquareK.
Consequently, the IPO does not immediately increase OneSquareK’s cash reserves. The company’s future expansion depends on subsequent property development and acquisition arrangements.
How Much Money Do You Need to Invest in the OneSquareK IPO?
The minimum investment is ZMW 2,552, equivalent to 200 shares. Investors who wish to purchase more shares must apply in additional multiples of 100 shares.
The table below illustrates the investment amounts.
| Number of shares | Investment amount |
|---|---|
| 200 | ZMW 2,552 |
| 300 | ZMW 3,828 |
| 500 | ZMW 6,380 |
| 1,000 | ZMW 12,760 |
| 2,000 | ZMW 25,520 |
| 5,000 | ZMW 63,800 |
| 10,000 | ZMW 127,600 |
These figures represent the offer price multiplied by the number of shares applied for, excluding any separately applicable transaction charges.
Buying shares does not give an investor ownership of a specific apartment. Instead, shareholders hold an interest in the company and may benefit from dividends and potential increases in the market value of their shares.
OneSquareK IPO Opening and Closing Dates
The company’s IPO timetable provides the following important dates.
| Event | Date |
|---|---|
| SEC prospectus approval | 23 September 2026 |
| LuSE prospectus approval | 21 October 2026 |
| IPO opening | 26 October 2026 |
| IPO closing | 16 November 2026 |
| Share allotment | 23 November 2026 |
| Results announcement | 23 November 2026 |
| Shares credited to CSD accounts | 23 November 2026 |
| Expected first trading day | 25 November 2026 |
The closing deadline is 17:00 Lusaka time on 16 November 2026. Both applications and cleared payments must reach the receiving agent before that deadline.
Investors should monitor official announcements because the timetable may change with the necessary regulatory approvals. LuSE Alt-M+1
How to Buy OneSquareK IPO Shares in Zambia
Investors interested in participating in the OneSquareK IPO can submit applications through the official share offer process administered by Money Acumen Advisory Limited.
The procedure involves the following steps:
- Read the IPO prospectus. Review the company’s financial statements, share price, investment risks, ownership structure and dividend policy.
- Complete the online application form. Visit the official OneSquareK IPO application page and follow the application instructions.
- Provide the required identification details. Applicants should have their NRC or passport information and relevant bank details available.
- Make the required payment. Pay the full application amount by bank transfer to the receiving agent’s verified account, using the prescribed payment reference.
- Check the allotment results. Successful investors will receive their allocated shares through a Central Securities Depository (CSD) account before trading begins.
Investors do not need to open their own CSD account before submitting an IPO application. Money Acumen is responsible for arranging the account using the information supplied by applicants. LuSE Alt-M+1
For security, applicants should confirm the latest official payment instructions directly with the receiving agent. The company warns against unofficial WhatsApp offers, individual mobile-money payment requests and payments to personal accounts. OneSquareK Investor Centre
OneSquareK Financial Performance: Revenue and Profit
OneSquareK’s investment proposition is supported by an existing rental business rather than a property development project that has yet to begin generating revenue.
According to the company’s published audited financial information, the underlying rental operation recorded the following results:
| Financial indicator | 2024 | 2025 |
|---|---|---|
| Revenue | ZMW 1,289,026 | ZMW 1,012,766 |
| Profit before tax | ZMW 1,168,217 | ZMW 568,082 |
| Profit after tax | ZMW 1,116,656 | ZMW 527,571 |
| Net operating cash flow | ZMW 1,170,715 | ZMW 895,194 |
| Total assets | ZMW 16,290,497 | ZMW 15,878,380 |
Source: OneSquareK published financial information, based on audited results for the underlying rental business. OneSquareK Investor Centre
Revenue declined by approximately 21.4% in 2025, while profit after tax fell by around 52.8%.
The company attributes the decline partly to currency-related changes in rental agreements and increased depreciation following a property revaluation. Its published information also indicates that it had no bank borrowings at the end of 2025.
These results demonstrate that the business generates rental income, but they also underline the importance of examining its profitability and valuation before investing.
Will OneSquareK Pay Dividends?
OneSquareK intends to distribute approximately 40% of its distributable profits as dividends until any conversion into a Real Estate Investment Trust (REIT). Following a potential REIT conversion, the intended distribution would increase to at least 80%, subject to applicable rules and available profits.
However, dividends are not guaranteed. Actual payments will depend on the company’s financial performance, available cash and decisions made by its board of directors. OneSquareK Investor Centre
For illustration, if the company distributed 40% of its 2025 profit after tax of ZMW 527,571 across 2 million shares, the result would be approximately ZMW 0.11 per share before applicable withholding tax.
An investor holding 1,000 shares would therefore receive approximately ZMW 105.51 annually before tax under this hypothetical scenario.
This is not a dividend forecast. It simply illustrates how the proposed dividend policy might translate into shareholder income using historical earnings.
Is the OneSquareK IPO a Good Investment?
OneSquareK presents an opportunity for investors interested in Zambia’s residential property sector, particularly those seeking exposure to rental income through listed shares.
However, prospective investors should assess both the company’s existing operations and the risks associated with its growth strategy.
The company has an established, income-generating property, a documented operating history and plans to expand its portfolio. Its directors aim to grow from one building to eight by the end of 2030.
Nevertheless, several considerations deserve attention:
- Valuation: The offer price of ZMW 12.76 is approximately 1.63 times the reported net asset value per share of ZMW 7.84 as at December 2025.
- Liquidity: Shares listed on the LuSE Alternative Market may trade infrequently, making it difficult to sell quickly.
- Concentration: The company’s existing rental income comes from a single property complex in Lusaka.
- Share dilution: Planned future share issues could reduce existing investors’ percentage ownership unless they participate.
- Expansion risks: Construction delays, rising development costs and changes in rental demand could affect future earnings.
Before You Invest+1
Investors should also consider the proposed acquisition of future properties developed through the founders’ partnership. Such transactions require careful attention to independent valuations, pricing and potential conflicts of interest.
The prospectus contains detailed information about these risks and should form the basis of any investment decision.
What Happens After the IPO Closes?
Following the scheduled closing date of 16 November 2026, the receiving agent will process applications and determine share allocations.
The company expects to announce allotment results on 23 November 2026, with trading scheduled to commence on 25 November 2026.
If the offer is oversubscribed, some applicants may receive fewer shares than requested. Any unallocated application money is expected to be refunded without interest within 10 business days of allotment.
Once trading begins, investors will be able to buy or sell OneSquareK shares through participating stockbrokers, subject to market demand and the availability of buyers and sellers.
Conclusion
The OneSquareK IPO introduces another investment opportunity to Zambia’s capital market, allowing qualifying investors to acquire shares in an established residential property rental business with a minimum investment of ZMW 2,552.
With an offer price of ZMW 12.76 per share and a planned listing on the LuSE Alternative Market, the company is seeking to broaden its ownership while pursuing a longer-term property expansion strategy.
Prospective investors should carefully evaluate the company’s financial results, dividend policy, valuation, future share issuance plans and liquidity risks before committing funds.
For official IPO announcements, application instructions and the full prospectus, visit the OneSquareK official website.
Disclaimer: This article is published for informational purposes and does not constitute investment advice or a recommendation to purchase OneSquareK shares. Investing in shares involves financial risk, including possible loss of capital. Investors should consult a licensed financial adviser before making investment decisions.