ABN - Consumer foods producer and supplier Libstar Holdings has listed on the Johannesburg Stock Exchange (JSE) after raising R3 billion through a share placement and a secondary sell-down.
The South Africa-based company placed 243.5 million shares at an IPO price of R12.50, making it the JSE’s biggest listing of 2018 so far.
This new share placement accounted for half of the R3 billion raise, with the other R1.5 billion coming from a secondary sell-down from existing shareholders.
Prior to the IPO, Libstar was one of the largest unlisted food manufacturers in South Africa, with 27 business units across the country that specialise in products such as gluten-free baked products and household goods.
The group owns brands such as Denny, Lancewood, Cape Herb and Goldcrest, and also counts McDonald’s and KFC as customers.
Chief Executive Andries van Rensburg said: “[The]new capital we have raised will allow us to invest more into the business and therefore grow our range of products and expand our operations.”