Billionaire Motsepe Said to Eye More Than 3 Billion Rand in IPO
- Motsepe said to plan listing of investment-holding firm on JSE
- Company said to seek secondary share sale on A2X exchange
Patrice Motsepe
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African Rainbow Capital Ltd., a South African financial-services firm started by Patrice Motsepe, the richest black South African, plans to raise more than 3 billion rand ($234 million) in an initial public offering of its investment-holding unit, according to people familiar with the matter.
ARC, as it’s known, will fold its non-financial services assets into the company and list the unit’s stock on the Johannesburg Stock Exchange, the people said, asking not to be named because the plans are private. The share sale, scheduled to take place by the end of September, may even raise as much as 5 billion rand, they said.