Africa is the hottest thing out there when it comes to initial public offerings with Safaricom Ltd., Celtel Zambia Plc and Dangote Flour Mills Plc leading the pack according to business website, Bloomberg.

“Africa is the last frontier in terms of stock markets, emerging economies and underdeveloped capital markets,'' said Joseph Rohm, 38, London-based fund manager at T. Rowe Price Group Inc., which oversees $25 billion in emerging-market equities and bought Kenyan mobile-phone company Safaricom shares in a sale that ended in April. “That's why it's a great opportunity.''

But be warned, now is to time to invest on the continent as even as African markets are “extremely untapped and have huge potential to grow,'' said Nicolas Clavel, London-based chief investment officer at Scipion Capital, a hedge fund manager with $100 million in emerging-market assets that bought shares in Safaricom's IPO. “Investors are realizing they need to move into these markets before they miss the most rapid growth phase.”

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