Brait puts brake on IPO, cites market conditions

JSE-listed company Brait has said it will no longer go ahead with the IPO of Premier Group citing conditions in the South African capital markets. In line with the pre-listing statement, Titan and RMB have agreed to acquire unlisted ordinary shares in Premier from Brait totalling USD 202mn (ZAR 3.5bn) through a private sale of shares, which are subject to the necessary terms and conditions.

In its pre-listing statement, Premier planned a private placement of up to 65,031,587 ordinary shares and the subsequent listing on the JSE’s main board.

Parent company Brait had hoped that the listing would give the CPG company access to capital markets it could tap for further growth to realise ambitions such as making acquisitions or investing in businesses, technologies and other assets.

You can read the IPO article here.