Flo-Tek — Flow better with us
Project Naledi — Road to a BSE Listing
Private & Confidential
BSE Main Board · Listing Readiness Programme · Est. 1998

The Road to
P2 Billion.

Flo-Tek Industries (Pty) Ltd — Botswana Stock Exchange IPO Master Plan
★ naledi — Setswana for star
4 Countries · Botswana · South Africa · Namibia · Zambia
Target listing: 2027–2028 at P1.0–1.2bn
P2bn target by 2029 — earned on performance
Supportable today
P750–950m
Based on 9M to Nov 2025
Target at listing
P1.0–1.2bn
2027–2028, earnings-supported
P2bn implied multiple
29.6×
Earnings — BSE industrials: low teens
Hard stops open
2
Payroll · Audited IFRS accounts
Revenue CAGR needed
15%
Q3 already delivered 15.0% y/y ✓
Five phases · roughly two years
The listing journey
Phase 0
Clean-Up
Sep 2026 – Feb 2027
Gate open — path starts here
Phase 2
Prepare
Sep 2027 – Feb 2028
Future
Phase 3
List
Mid 2028
Future
Phase 4
Re-rate
2028 – 2029
P2bn earned
Financial snapshot · 9 months to 30 Nov 2025
RevenueP1,044.6m
EBITDA (excl. forex)P101.5m
EBITDA margin9.7%
Corrected PBTP66.59m
Net debtP223.2m
Net asset valueP555.4m
Critical risks to the listing
⛔ Hard Stop: Staff above the tax threshold paid by eWallet outside the payroll system. Board pack's own rating: CRITICAL — "PAYE under-declaration" and "potential criminal liability". No reporting accountant signs a prospectus over this.
⚠Board pack p.62 profit overstated by P8.9m — finance cost footing error. Board approved the Marley acquisition off this incorrect figure.
⚠30% float = P600m placement into a P60.4bn market. Pension fund anchors (BPOPF) essential before launch.
→Project Moon (Marley): negative equity ZAR 60.9m, EBITDA −ZAR 39.9m. Do not buy pre-listing.
Owners & deadlines · click to update as work progresses
IPO Master Action Plan
To Do In Progress Complete
Click the circle to change status · Double-click any owner name or date to type over it. Your changes are saved in this browser.
Ranked by severity · items 1 & 2 are hard stops
Nine Blockers — Live Status
Standing agenda item for every board meeting. Nothing can be signed until items 1 and 2 are closed.
Open In Progress Closed
Click the status pill to advance Open → In Progress → Closed · Double-click any owner name to edit.
#BlockerWhy it stops or costs the listingOwnerTimeStatus
Source: Flo-Tek Industries (Pty) Ltd board pack, 22 January 2026 (259 pp.); Moore Advisory due diligence on Marley Pipe Systems; BSE Main Board listing requirements and market statistics.
Basis: 9 months to 30 Nov 2025 annualised ×4/3; EBITDA excludes forex; 24% blended tax assumed; net debt P223.2m held constant.
Status: Independent advisory review by Prathap Ganesharajah. Not an audit, not a valuation opinion for regulatory purposes, and not investment advice.
Project Naledi · 11 August 2026 · Private and confidential.
Private & Confidential