Alexander Forbes raises R3.7bn in IPO

Johannesburg - South African pension manager Alexander Forbes on Friday priced its initial public offering at the middle of its planned range on Friday, raising 3.7 billion rand ahead of its return to the Johannesburg exchange.

Alexander Forbes, which was taken private by a group of investors including buyout firm Actis in 2007, said it priced the IPO at 7.5 rand a share, compared to its planned range of 6.9 to 8.05 rand.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

The company said the total size of the offer was 496.7 million shares, including an overallotment option of up to 64.8 million shares.

Deutsche Bank AG, Morgan Stanley and FirstRand unit Rand Merchant Bank were the joint bookrunners on the sale. - Reuters