Johannesburg - Alexander Forbes, Africa’s largest retirement-fund administrator, rallied in its first day of trading on the Johannesburg Stock Exchange.

The stock jumped 14 percent to 8.55 rand by 9:15 am in South Africa’s biggest city.

Alexander Forbes placed all the shares in its initial public offering at 7.50 rand.

The company’s market value is 10.9 billion rand.

“The listing is a great outcome because it gives the opportunity for continuity of the work done” in the years the company was closely held, chief executive Edward Kieswetter told reporters at the JSE today.

The listing is the 11th this year on Africa’s biggest bourse, JSE chief executive Nicky Newton-King said at the same event. - Bloomberg News