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
| Details | Values |
|---|---|
| Total Shares Placed | 500 million |
| Proceeds Raised | R9 billion (EUR463 million) |
| Placement Price | R18.00 per share |
| Pre-Launch Discount | 7.7% |
| Ibex Stake Post-Placement | 30.2% |
| Pepkor Free Float Post-Placement | 69.8% |
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.