Ibex Topco Raises R9 Billion in Oversubscribed Pepkor Share Placement

  • Ibex Topco completed a successful placement of 500 million Pepkor shares, raising R9 billion.
  • The placement increased Pepkor's free float to 69.8% and reduced Ibex's stake to 30.2%.
  • Strong demand led to an oversubscribed placement at R18.00 per share, a 7.7% discount.

Ibex Topco B.V. has completed a successful placement of 500 million shares in Pepkor Holdings Limited. The placement raised R9 billion (approximately EUR463 million).

Increased Free Float in Pepkor

Following the placement, Pepkor’s free float will rise from 56.3% to 69.8%. Ibex’s stake in Pepkor will drop from 43.7% to 30.2%.

Strong Demand for Shares

The placing was significantly oversubscribed due to strong demand. The shares were placed at R18.00 each, representing a 7.7% discount to the pre-launch price.

Placement Details

DetailsValues
Total Shares Placed500 million
Proceeds RaisedR9 billion (EUR463 million)
Placement PriceR18.00 per share
Pre-Launch Discount7.7%
Ibex Stake Post-Placement30.2%
Pepkor Free Float Post-Placement69.8%

Lock-Up Agreement

Ibex has agreed to a 90-day lock-up period. This agreement includes customary exceptions and waivers by the Joint Global Coordinators.

Coordinators and Advisors

Barclays Bank PLC, Investec Bank Limited, and J.P. Morgan Securities PLC acted as joint global coordinators. Settlement of the placing is expected on June 28, 2024.

Market Impact and Future Outlook

The placement will likely increase Pepkor’s liquidity. The broader investor base could enhance market confidence in Pepkor’s shares.

Legal and Regulatory Considerations

The announcement emphasized restrictions on publication and distribution in certain jurisdictions. The shares are not registered under the U.S. Securities Act and cannot be sold in the U.S. without registration or exemption.

Conclusion

Ibex Topco’s successful placement of Pepkor shares highlights strong investor interest. The increased free float is expected to benefit Pepkor’s market position. Further updates will follow as the settlement concludes and market responses are evaluated.


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