2nd Mar 2020 07:43
(Alliance News) - Investec PLC's asset management unit on Monday priced the value of its shares in relation to its upcoming initial public offering.
Ninety One PLC, which will be listing in London and Johannesburg on March 16, said the shares represent 10% of its stock which will be sold by the Investec group.
The shares in the offer will be priced between 190 pence and 235p, raising between GBP181.9 million to GBP226.1 million.
The net proceeds of the offering will be retained by the Investec group, Ninety One said.
It added: "Immediately following admission, assuming the global offer proceeds, Ninety One intends to have a free float representing 60% to 65% of Ninety One's combined total issued share capital."
The pricing range also implied a market capitalisation between GBP1.75 billion and GBP2.17 billion.
Investec Joint-Chief Executive Hendrik du Toit said: "Today marks another important milestone for Ninety One in the process leading up to its demerger and listing on March 16. In spite of the current backdrop of market volatility and uncertainty, we remain committed to the execution of this transaction, because of its long-term benefits. We are encouraged by significant investor interest."
Investec Ltd shares were 2.7% higher at ZAR81.01 each in Johannesburg early Monday. Investec PLC closed 7.0% lower at 392.10 pence in London on Friday.
By Eric Cunha; [email protected]
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