The launch of the BVMAC in 2009 was seen as a milestone for the financial sector in Central African zone to provide more financing choices for domestic companies. However, for over a decade, BVMAC remained among the smallest stock markets globally. This study examines why companies refrain from listing in the BVMAC. Through an exploratory study, critical insights into the challenges hindering the adoption of initial public offerings (IPOs) on BVMAC are revealed. Information was collected using semi-structured interviews with five (5) CEO/founders of companies. These CEO/founders were sampled using purposive and convenience sampling techniques. Based on the content analysis of wordings from the responses of the interviews, it is deduced that several reasons related to market liquidity and development, the preference of other options of financing, lack of sufficient information pertaining to listing process and benefits, high costs of listing, complex and complicated listing process, fear of losing control, privacy concern, pressure and scrutiny from shareholders, investors and media, stringent regulatory framework and administrative compliance, lack of investors’ interests on activities of some sectors and to invest in stock exchange markets, high volatility of some activities depending on external factors making revenues to be instable and unpredictable were potential impediments to listing of companies on BVMAC. Basically, it is fundamental for BVMAC to revisit its listing cost structure or fees, procedures and regulatory scrutiny. On the other hand, innovative listing mechanisms or alternative financing options should be implemented offering a greater degree of freedom, discretion, control and privacy to listed companies.